Delaware § 1633 Revocation of charter for failure to commence business within reasonable time

Delaware Statutes

§ 1633 — Revocation of charter for failure to commence business within reasonable time

Delaware § 1633

JurisdictionDelaware

Title5

PartBanks and Trust Companies

Ch. 16CORPORATION LAW FOR STATE SAVINGS BANKS

Subch.Formation of a Savings Bank

This text of Delaware § 1633 (Revocation of charter for failure to commence business within reasonable time) is published on Counsel Stack Legal Research, covering Delaware primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Del. Code tit. 5, § 1633 (2026).

Text

Every corporation created under this chapter shall, after the expiration of a reasonable time from the date of its incorporation, as determined by the State Bank Commissioner, be actively engaged in the business for which it was created or its certificate of incorporation and corporate franchise shall be deemed and held to be revoked. The Commissioner shall by regulations prescribe the criteria to be applied in determining what constitutes a reasonable period of time.

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Every corporation created under this chapter shall, after the expiration of a reasonable time from the date of its incorporation, as determined by the State Bank Commissioner, be actively engaged in the business for which it was created or its certificate of incorporation and corporate franchise shall be deemed and held to be revoked. The Commissioner shall by regulations prescribe the criteria to be applied in determining what constitutes a reasonable period of time.