Section 45-2-219 - Charter null and void on ceasing business - Definition

Any charter issued under this chapter shall be null and void if an institution that is chartered and commences business ceases to conduct business and no business is conducted for a period of two (2) years. For the purposes of this section, 'business' means:(1) Receiving deposits, paying out money on checks and making loans; or(2) Acting as a fiduciary for the purposes of a trust company.Acts 1999, ch. 112, § 5.