(1) A charter shall specify the date on which it becomes effective, which shall not be more than 90 days after the date of issuance of the charter, unless an extension of time is granted by the Director of the Department of Consumer and Business Services.
(2) A banking institution shall commence business on the effective date specified in its charter. If a banking institution fails to commence business on the effective date specified in the charter or according to any extension of time granted by the director it ceases to exist and its articles of incorporation and charter are void. [Amended by 1973 c.797 §64; 1997 c.631 §52]Section: Previous 707.120 707.130 707.140 707.145 707.150 707.155 707.160 707.170 707.180 707.182 707.184 707.186 707.188 707.190 707.195 Next
Last modified: August 7, 2008