Charter void unless business begun; Article void unless corporation organized.

1. Law
2. North Carolina General Statutes
3. Business Development Corporations and North Carolina Capital Resource Corporations
4. North Carolina Enterprise Corporations.
5. Charter void unless business begun; Article void unless corporation organized.

53A-47. Charter void unless business begun; Article void unless corporation organized.

If a corporation organized pursuant to this Article fails to begin business within three years after the effective date of its charter then its charter is void. If, at the expiration of three years after July 1, 1988, no corporation has been organized pursuant to this Article, then on that date this Article shall expire.

Download our app to see the most-to-date content.