17:9A-17 - Dissolution of bank or savings bank on failure to obtain certificate of authority, or to commence business

17:9A-17.  Dissolution of bank or savings bank on failure to obtain certificate of authority, or to commence business
    A.  If a bank or savings bank shall (1) fail to obtain a certificate of authority within 6 months from the date of the commissioner's approval of its certificate of incorporation, or within the extended time hereinafter in this section provided for, or shall (2) fail to commence business within 6 months after the issuance of the certificate of authority, or within the extended time  hereinafter in this section provided for, the commissioner may make an order,  to be filed in the department, forfeiting the bank's or savings bank's rights,  powers and privileges as a corporation, and upon such filing, the corporate  rights, powers and privileges of the bank or savings bank shall cease, unless  the time herein limited shall be extended by the commissioner upon satisfactory  cause shown.  Such extension or extensions shall be for such period or periods  as the commissioner may specify, not exceeding 12 months in all, and shall be  evidenced by a certificate or certificates of the commissioner filed in the  department.

    B.  If proceedings are instituted in accordance with law to review the commissioner's approval of an application for charter pursuant to section 11, or to review the commissioner's failure to issue a certificate of authority pursuant to section 15, the period from the date of the commissioner's approval  to the entry of final judgment in such proceedings shall not be considered in  computing any 6 months' period limited by subsection A of this section.

     L.1948, c. 67, p. 193, s. 17.  Amended by L.1956, c. 140, p. 562, s. 1; L.1965, c. 171, s. 5.