299.070 Abandonment of charter by a company -- Period for which charter is in
178 words·~1 min read·
/ky/299-070A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
force.
(1)Articles of incorporation filed under KRS 299.030 shall be considered as
abandoned, and shall become inoperative and void, unless the incorporators perfect
their organization thereunder and issue certificates of membership within one
year from the date of filing the articles.
(2)When any company transfers its business, or reinsures its members or policyholders
in any other company, 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 the same shall for
all purposes thereby become and remain forever inoperative and void.
(3)If not abandoned, the articles of incorporation shall continue in force until revoked
by the judgment of a court of competent jurisdiction.