§ 54C-19. Time allowed to commence business. - North Carolina Statutes

§ 54C‑19.  Time allowedto commence business.

A newly chartered savings bankshall commence business within one year after the date upon which its corporateexistence began. A savings bank that does not commence business within thistime, shall forfeit its corporate existence, unless the Commissioner of Banks,before the expiration of the one year period, approves an extension of the timewithin which the association may commence business, upon a written requeststating the reasons for the request. Upon forfeiture, the certificate ofincorporation shall expire, and any and all action taken in connection with theincorporation and chartering of the savings bank, with the exception of feespaid to the Division, shall become null and void. The Commissioner of Banksshall determine if a savings bank has failed to commence business within oneyear, without extension as provided in this section, and shall notify theSecretary of State and the register of deeds in the county in which the savingsbank is located that the certificate of incorporation has expired. (1991, c. 680, s. 1; 2001‑193,s. 16.)