17-5228.   Forfeiture of charter for nonuse.Any association, which shall not commence business within six monthsafter date upon which its corporate existence shall have begun, or afterhaving commenced business shall fail for a period of three years to makehome loans, shall forfeit its corporate existence, unless the commissioner,before the expiration of such six months' period, shall have approved theextension of time, not to exceed an additional six months' period, withinwhich it may commence business, upon a written application stating thereasons for such delay. No such extension shall be granted after theexpiration of such additional six months' period. Upon such forfeiture thecertificate of incorporation shall expire and all action taken inconnection with the incorporation thereof, except the payment of theincorporation fee, shall become void. Amounts paid on accounts, lessexpenditures authorized by law, shall be returned pro rata to therespective investors.

      History:   L. 1943, ch. 133, § 29; July 1.