§ 32.35.070. Failure to commence business -- Effect -- Extension of time
Every corporation authorized by the laws of this state to do business as a stock savings bank, which corporation shall have failed to organize and commence business within six months after certificate of authority to commence business has been issued by the director, shall forfeit its rights and privileges as such corporation, which fact the director shall certify to the secretary of state, and such certificate of forfeiture shall be filed and recorded in the office of the secretary of state in the same manner as the certificate of authority. However, the director may, upon showing of cause satisfactory to him or her, issue an order under his or her hand and seal extending for not more than three months the time within which such organization may be effected and business commenced, such order to be transmitted to the office of the secretary of state and filed and recorded.
[1999 c 14 § 8.]
Sections: Previous 32.35.010 32.35.020 32.35.030 32.35.040 32.35.050 32.35.055 32.35.060 32.35.070 32.35.080 32.35.090 32.35.900 NextLast modified: April 7, 2009