5 Del. Admin. Code § 709-2.0
Current through Reigster Vol. 28, No. 6, December 1, 2024
Section 709-2.0 - Reasonable Period of Time2.1 Within a reasonable period of time, every corporation chartered under Chapter 7 of Title 5 shall be actively engaged in the business for which it was created. A reasonable period of time has elapsed at the expiration of one year as measured from the date of incorporation.2.2 If the Commissioner initially determines that the planned completion date for the banking facility proposed in the application for a Bank will exceed one year, the Commissioner may approve an actual opening date that extends beyond one year.2.3 The Commissioner may grant extensions for periods of six months in the even of unavoidable delay in opening due to construction problems or other events beyond the control of the Bank.5 Del. Admin. Code § 709-2.0