Forfeiture of Charter
/ˌfɔːrˈfiːtʃər əv ˈtʃɑːrtər/
Definitions
- (n.) The loss or surrender of a corporation's or organization's charter, typically due to legal violations or failure to comply with statutory requirements.
The state ordered the forfeiture of the charter after the nonprofit failed to submit annual reports.
Forms
- forfeiture of charter
Related terms
See also
Commentary
Forfeiture of charter is a formal legal action that terminates a corporation's legal existence; precise statutory grounds and procedures vary by jurisdiction.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.