77-3-411 - Forfeiture of charter for failure to make changes.
§ 77-3-411. Forfeiture of charter for failure to make changes.
If no proceedings are taken under Section 77-3-409, then at the expiration of ten (10) days from the date of such order, such order shall become final, from which no appeal shall lie, and the findings set out in such order shall be conclusively presumed to be correct. Unless the commission is satisfied the changes required by such order have been made within the time prescribed in such order, the commission shall give the notice of five (5) days, as provided in Section 77-3-407, and upon the hearing the commission shall determine whether such changes have or have not been made, as required. If the commission find that such changes have not been made as required, then it shall enter an order incorporating such finding, and forfeiting the charter of such corporation.
Sources: Codes, 1942, § 7709; Laws, 1940, ch. 132.