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.
N.C. Gen. Stat. § 53A-47
Charter void unless business begun; Article void unless corporation organized
Known as the North Carolina Enterprise Corporation Act
The act spans §§ 53–53 (12 sections).
1987 (Reg
Official source: North Carolina General Assembly. Reproduced from public-domain North Carolina statutes; confirm against the official source for the current text. Not legal advice.