The department director may commence a proceeding under section 414-462 to revoke the certificate of authority of a foreign corporation authorized to transact business in this State if:
(1) The corporation fails to:
(A) Pay any fees prescribed by law;
(B) File its annual report for a period of two years;
(C) Appoint and maintain an agent for service of process as required; or
(D) File a statement of a change in the name or business address of the agent as required; or
(2) A misrepresentation has been made of any material matter in any application, report, affidavit, or other record or document submitted by the corporation.