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·Title 5·Part Banks and Trust Companies·Ch. 16 CORPORATION LAW FOR STATE SAVINGS BANKS·Subch. Formation of a Savings Bank

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.

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