Delaware Code Title 5 Sec. 705 – Revocation for nonuse of charters granted prior to July 1, 1933
Current as of: 2023 | Check for updates
|
Other versions
Every charter authorizing the establishment of a bank or trust company in this State and which was granted or passed by the General Assembly of this State prior to the 1st day of July, 1933, shall be deemed and held to be revoked for nonuse of corporate franchise unless the corporation created or authorized by such charter was actively engaged in business in this State on December 31, 1933.
32 Del. Laws, c. 103, § ?22; 38 Del. Laws, c. 93, § ?1(8); Code 1935, § ?2310; 5 Del. C. 1953, § ?705;
Terms Used In Delaware Code Title 5 Sec. 705
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- State: means the State of Delaware; and when applied to different parts of the United States, it includes the District of Columbia and the several territories and possessions of the United States. See Delaware Code Title 1 Sec. 302