81-12-45 - Forfeiture of corporate existence; new corporations; extension of time within which to commence business. - Mississippi Statutes

§ 81-12-45. Forfeiture of corporate existence; new corporations; extension of time within which to commence business.
 

Any association which obtains its charter of incorporation subsequent to July 1, 1977, and which shall not commence business within six (6) months after the date upon which its corporate existence shall have begun, shall forfeit its corporate existence, unless the commissioner, before the expiration of such period of six (6) months shall have approved the extension of time within which it may commence business not to exceed ninety (90) days, upon a written application stating the reasons for such delay. 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 credited on savings accounts, less expenditures authorized by law, shall be returned pro rata to the respective holders thereof. 
 

Sources: Laws,  1977, ch. 445, § 9(5); reenacted, 1982, ch. 301, § 23; Laws, 1990 Ex Sess, ch. 52, § 24; Laws, 1993, ch. 441, § 24; Laws, 1994, ch. 622, § 56; reenacted without change, Laws, 1997, ch. 496, § 21; reenacted without change, Laws, 2001, ch. 488, § 22, eff from and after July 1, 2001.