299.017 Effect of failure to operate for one year -- Termination of new licensing
140 words·~1 min read·
/ky/299-017A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
beginning July 15, 1998.
(1)When any company licensed under this chapter transfers or suspends its business or
fails to actively and in good faith operate its corporate franchises, powers, and
privileges in the due course of business and in the fulfillment of the design and
purpose of its creation for the period of one
(1)year, it shall be deemed to have
abandoned the purpose of its creation, and it shall not thereafter, directly or
indirectly, resume its business or operate in any manner any of its corporate
franchises, powers, or privileges, and they shall for all purposes thereby become and
remain forever inoperative and void.
(2)On July 15, 1998, no company not previously licensed shall be licensed to engage in
the business of assessment or cooperative insurance as set forth in KRS 299.310 to
299.470 and 299.990.