Kentucky Revised Statutes Title XXV. Business and Financial Institutions § 286.5-191.Forfeiture of charter on failure to commence business

Any association, which does not commence business within six (6) months after the date of its corporate existence, shall forfeit its corporate existence, unless the commissioner, before the expiration of such six (6) months' period, shall have approved the extension of time within which it may commence business, upon a written application stating the reasons for such delay. Upon such forfeiture the certificate of incorporation shall expire, and all action taken in connection with the incorporation thereof except the payment of the incorporation fee, shall become void. Amounts credited on savings accounts, less expenditures authorized by law, shall be returned pro rata to the respective holders thereof.