As Amended
SEC. 79-1-1. Extension of expired fifty-year charters.
Whenever the period of existence of a corporation heretofore created with a life of fifty (50) years shall have expired prior to the passage of this section, then every such corporation which shall continue to do business for ninety (90) days after the passage of this section, by the doing of such business shall be deemed to have accepted an extension of the time of life of such corporation to a full period of ninety-nine (99) years from the date of the original charter thereof. Such corporation shall continue in existence as a de jure corporation as fully and completely as if the charter thereof had been thus amended prior to the end of the original fifty-year period. Likewise, whenever the period of existence of a corporation heretofore created for a period of fifty (50) years, shall expire hereafter, if such corporation shall continue to do business thereafter for a period of ninety (90) days, the same shall operate as an acceptance of an extension of time of the life of such corporation to a full period of ninety-nine (99) years from the date of the original charter thereof, and such corporation shall continue in existence as a de jure corporation as fully and completely as if the charter thereof had been thus amended prior to the end of the original fifty-year period.
Provided, however, that when a corporation adopts by proper resolution the provisions of this section, it shall, within ninety (90) days thereafter, file in the office of the secretary of state and also in the office of the chancery clerk of the county of its domicile, a copy of the said resolution, duly certified to by the secretary with the corporate seal affixed thereto. Upon the filing of this resolution, it shall be recorded by the secretary of state and the chancery clerk and proper index made thereof in the said offices to show the extension of the corporate existence of the particular corporation, and a proper certificate forwarded to the corporation for its record. The fee of the secretary of state for filing and recording the said resolution shall be the sum of five dollars ($5.00), and the fee of the chancery clerk shall be the sum of two dollars and fifty cents ($2.50).
Provided, further, that the provisions of this section shall in no way, shape, form or fashion abate or nullify any suit or claim, of whatsoever kind or nature, accrued, or to accrue prior to the effective date of this section.
SOURCES: Codes, 1942, Sec. 5325.5; Laws, 1950, ch. 308, Secs. 3, 4; 1956, ch. 174, Sec. 1.