Forfeiture of Corporate Charter
/ˌfɔːrfɪˈtʃʊr ʌv ˈkɔːrpərɪt ˈtʃɑːrtər/
Definitions
- (n.) The legal process by which a corporation's charter is revoked or canceled due to noncompliance with statutes or regulations.
The state initiated forfeiture of corporate charter after the company failed to file annual reports.
Forms
- forfeiture of corporate charter
Related terms
See also
Commentary
Forfeiture of corporate charter typically results from failing to fulfill legal obligations such as tax payment or reporting; drafters should note it permanently removes corporate rights granted by the charter.
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.