{"data":{"id":"us-ky/krs-299.017","jurisdiction":"us-ky","citation":"KRS 299.017","heading":"Effect of failure to operate for one year -- Termination of new licensing","body":"beginning July 15, 1998.\n(1) When any company licensed under this chapter transfers or suspends its business or\nfails to actively and in good faith operate its corporate franchi ses, powers, and\nprivileges in the due course of business and in the fulfillment of the design and\npurpose of its creation for the period of one (1) year, it shall be deemed to have\nabandoned the purpose of its creation, and it shall not thereafter, direct ly or\nindirectly, resume its business or operate in any manner any of its corporate\nfranchises, powers, or privileges, and they shall for all purposes thereby become and\nremain forever inoperative and void.\n(2) On July 15, 1998, no company not previously licensed shall be licensed to engage in\nthe business of assessment or cooperative insurance as set forth in KRS 299.310 to\n299.470 and 299.990.","path":["KRS Chapter 299"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=15820","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:26Z","sha256":"1d9ff4609e8ed4dc2df4205a2c65bd5c30ae42827ea3c8f803eef4a4f3e7cf30","source_id":"us-ky","stale":false,"prev":"us-ky/krs-299.015","next":"us-ky/krs-299.018"},"notice":"GroundRules: Original legal text. Not legal advice."}