(1) A state trust company may not engage in the trust business until it receives its charter from the Bank Commissioner. The commissioner may not deliver the charter until the state trust company has: Elected or qualified the initial officers and directors named in the application for charter or other officers and directors approved by the commissioner; and
(2) Complied with all other requirements of this chapter relative to the organization of a state trust company.
(3) If a state trust company does not open and engage in the trust business within six (6) months after the date it receives its charter or conditional approval of application for charter, or within such further period as such period may be extended, the commissioner shall revoke the charter or cancel the conditional approval of application for charter without judicial action.