§415-131 Annual license mandatory; exceptions; fees. No foreign corporation shall do or carry on business in the State unless it shall first have obtained from the director an annual license to do so. Every such corporation shall pay to the director an annual license fee of $100. The license fee shall be assessed on the basis of the fiscal year from July 1 to June 30. The first license fee due upon qualification shall be prorated according to the month of qualification and shall be as follows:

July - December $100

January - June $50

The director may settle and collect an account against any corporation violating this section for the amount of the license fee together with a penalty of fifty per cent for failure to pay the same. The director may, for good cause shown, reduce or waive the penalty. [L 1983, c 167, pt of §1; am L 1985, c 270, §4; am L 1987, c 135, §95; am L 1988, c 371, §11]