Section 1808 - Involuntary dissolution(a) Issuance of certificate of dissolution by department--In the event that: (i) a certificate of authorization has not been issued to a newly incorporated institution within one year after the date of its incorporation or such longer time as the department may allow for satisfaction of conditions precedent to the issuance of a certificate,(ii) pursuant to the Department of Banking Code, the assets of the institution have been liquidated or, after the department has taken possession, have been returned to the institution for liquidation or to liquidating trustees or others, or(iii) the department shall find, after notice to the institution and a hearing if requested by the institution, that the institution has not exercised any of its powers under its articles, or in the case of a private bank under its certificate of authorization, for any continuous period of two years, the department shall issue under its seal a certificate of dissolution reciting the applicable facts and stating that the certificate of authorization of the institution and, in the case of an incorporated institution, its articles have been forfeited by reason of such facts and shall file the certificate in the Department of State.
(b) Effect of certificate--Upon filing of the certificate of dissolution in the Department of State all rights of the institution under its certificate of authorization shall cease and in the case of an incorporated institution, its existence shall cease.1965, Nov. 30, P.L. 847, No. 356, § 1808. Amended 1990, Dec. 18, P.L. 766, No. 191, § 10, imd. effective.