17-5228. Forfeiture of charter for nonuse.
17-5228
17-5228. Forfeiture of charter for nonuse.
Any association, which shall not commence business within six months
after date upon which its corporate existence shall have begun, or after
having commenced business shall fail for a period of three years to make
home loans, shall forfeit its corporate existence, unless the commissioner,
before the expiration of such six months' period, shall have approved the
extension of time, not to exceed an additional six months' period, within
which it may commence business, upon a written application stating the
reasons for such delay. No such extension shall be granted after the
expiration of such additional six months' period. Upon such forfeiture the
certificate of incorporation shall expire and all action taken in
connection with the incorporation thereof, except the payment of the
incorporation fee, shall become void. Amounts paid on accounts, less
expenditures authorized by law, shall be returned pro rata to the
respective investors.
History: L. 1943, ch. 133, § 29; July 1.