Term and renewal of certificate of organization

(1) The first certificate of organisation shall be valid for 12 months from the date of filing and shall be renewable thereafter for further periods of 12 months from each anniversary of the date of filing. Upon payment of the prescribed fee, a renewal certificate shall be issued by the Registrar within 14 days or as soon thereafter as practicable. organisation. (2) Until such time as a limited liability company is dissolved pursuant to the provisions of this Act, the limited liability company shall continue its corporate existence 28 (without rendering defective any legal or other proceedings instituted against the limited liability company or affecting any property, rights, powers, authorities, duties, functions, liabilities or obligations of the limited liability company or any notwithstanding that the organisation of the limited liability company may have expired and not been renewed within the time specified in this section. organisation.