(a) A foreign foundation shall not engage in any registrable activity in this state until it registers with the secretary of state.
(b) A registrable activity includes any activity that, if conducted by a foreign corporation, would constitute the corporation’s transacting business in this state.
(c) Activities that are not registrable activities include:
(1) Maintaining, defending, or settling any judicial proceeding;
(2) Holding meetings of the board of directors or carrying on other activities concerning the foundation’s internal affairs;
(3) Maintaining one or more bank accounts;
(4) Creating or acquiring indebtedness, mortgages, and security interests in real or personal property;
(5) Securing or collecting debts or enforcing mortgages and security interests in property securing the debts;
(6) Without more, owning any real or personal property located in this state;
(7) Conducting an isolated transaction that:
(A) Is completed within 30 days; and
(B) Is not a single transaction in the course of repeated transactions of a like nature;
(8) Transacting any activity in interstate commerce; and
(9) Any activity that, if conducted by a foreign corporation, would not constitute the corporation’s transacting business in this state.
Source. 2017, 257:47, eff. Oct. 1, 2017.