KRS 299.070: Abandonment of charter by a company -- Period for which charter is in

force.

(1) Articles of incorporation filed under KRS 299.030 shall be considered as

abandoned, and shall become inoperative and void, unless the incorporators perfect

their organization thereunder and issue certificates of membership within one (1)

year from the date of filing the articles.

(2) When any company transfers its business, or reinsures its members or policyholders

in any other company, or suspends its business, or fails t o actively and in good faith

operate its corporate franchises, powers and privileges in the due course of business

and in the fulfillment of the design and purpose of its creation, for the period of one

(1) year, it shall be deemed to have abandoned the pu rpose of its creation, and it

shall not thereafter, directly or indirectly, resume its business or operate in any

manner any of its corporate franchises, powers or privileges, and the same shall for

all purposes thereby become and remain forever inoperative and void.

(3) If not abandoned, the articles of incorporation shall continue in force until revoked

by the judgment of a court of competent jurisdiction.