§ 53A-47. Charter void unless business begun; Article void unless corporation organized. - North Carolina Statutes

§53A‑47.  Charter void unless business begun; Article void unlesscorporation organized.

If a corporation organizedpursuant to this Article fails to begin business within three years after theeffective date of its charter then its charter is void.  If, at the expirationof three years after July 1, 1988, no corporation has been organized pursuantto this Article, then on that date this Article shall expire. (1987(Reg. Sess., 1988), c. 882, s. 1.)