If the qualified officer of a corporation ceases to serve in that capacity, what happens to the corporation's license?

When a qualified officer of a corporation ceases to serve in that capacity, the corporation's license remains in effect for a specified period of time, typically 45 days. This allows the corporation to maintain its operations and the validity of its license while it appoints a new qualified officer who meets the necessary legal requirements. The 45-day window is designed to prevent disruption in business activities due to sudden staffing changes, giving the corporation the opportunity to ensure compliance without immediate penalty.

This provision is crucial for maintaining the stability of the business and allows time for adjustments necessary for corporate governance. Other options suggest immediate consequences, such as suspension or lapse, which would create undue hardships for businesses that may be in transition. The idea behind allowing a grace period is to support corporate continuity while ensuring that necessary legal requirements are met promptly.