(a) Any charter issued under the provisions of this chapter shall be null and void if:
(1) The institution for which the charter was issued does not commence operations within five (5) years of the date the charter was issued; provided, that the commissioner may act to extend the time to allow the commencement of operations; or
(2) An institution that is chartered and commences business ceases to conduct business and no operations or business are conducted for a period of five (5) years.
(b) Any certificate of authority issued under this chapter shall be null and void if substantially all of the assets of a savings bank are acquired without acquiring the charter.
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