{"data":{"id":"us-ky/krs-299.070","jurisdiction":"us-ky","citation":"KRS 299.070","heading":"Abandonment of charter by a company -- Period for which charter is in","body":"force.\n(1) Articles of incorporation filed under KRS 299.030 shall be considered as\nabandoned, and shall become inoperative and void, unless the incorporators perfect\ntheir organization thereunder and issue certificates of membership within one (1)\nyear from the date of filing the articles.\n(2) When any company transfers its business, or reinsures its members or policyholders\nin any other company, or suspends its business, or fails t o actively and in good faith\noperate its corporate franchises, powers and privileges in the due course of business\nand in the fulfillment of the design and purpose of its creation, for the period of one\n(1) year, it shall be deemed to have abandoned the pu rpose of its creation, and it\nshall not thereafter, directly or indirectly, resume its business or operate in any\nmanner any of its corporate franchises, powers or privileges, and the same shall for\nall purposes thereby become and remain forever inoperative and void.\n(3) If not abandoned, the articles of incorporation shall continue in force until revoked\nby the judgment of a court of competent jurisdiction.","path":["KRS Chapter 299"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=15828","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:26Z","sha256":"4f0bbebd711e50bdebe98973440a3d212ff37aa65d299365f7f0b26120b4dadc","source_id":"us-ky","stale":false,"prev":"us-ky/krs-299.060","next":"us-ky/krs-299.080"},"notice":"GroundRules: Original legal text. Not legal advice."}