Extinguishment of Charters of Corporations Not Actively Engaged in Business; Automatic Extinguishment of Charter Upon Merger or Consolidation

  1. Law
  2. Georgia Code
  3. Insurance
  4. Domestic Stock and Mutual Insurers
  5. General Provisions
  6. Extinguishment of Charters of Corporations Not Actively Engaged in Business; Automatic Extinguishment of Charter Upon Merger or Consolidation

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  1. The corporate charter of any other corporation formed under the laws of this state for the purpose of becoming an insurer, and which corporation, during any period of 36 consecutive months after January 1, 1961, is not actively engaged in business as a domestic insurer under a certificate of authority issued to it by the Commissioner under laws currently in force is automatically extinguished and nullified at the expiration of such 36 month period.
  2. Upon certification by the Commissioner of such facts under subsection (a) of this Code section to the Secretary of State, the Secretary of State shall enter an order extinguishing and nullifying the corporate charter.
  3. The period during which any corporation referred to in subsection (a) of this Code section is the subject of delinquency proceedings under Chapter 37 of this title shall not be counted as part of any 36 month period.
  4. Upon merger or consolidation of a domestic insurer with another insurer under this chapter, the corporate charter of the merged or consolidated domestic insurer shall thereby automatically be extinguished and nullified.

(Code 1933, § 56-1540, enacted by Ga. L. 1960, p. 289, § 1.)


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