§ 54B-18. Time allowed to commence business. - North Carolina Statutes

§ 54B‑18.  Time allowedto commence business.

A newly chartered associationshall commence business within six months after the date upon which itscorporate existence shall have begun. An association which shall not commencebusiness within such time, shall forfeit its corporate existence, unless theCommissioner of Banks, before the expiration of such six‑month period,shall have approved an extension of the time within which the association maycommence business, upon a written request stating the reasons for which suchrequest is made. Upon such forfeiture, the certificate of incorporation shallexpire, and any and all action taken in connection with the incorporation andchartering of the association, with the exception of fees paid to the Division,shall become null and void. The Commissioner of Banks shall determine if anassociation has failed to commence business within six months, withoutextension as provided in this section, and shall notify the Secretary of Stateand the register of deeds in the county in which the association is locatedthat the certificate of incorporation has expired. (1981, c. 282, s. 3; 2001‑193,s. 16.)