When Franchise Ceases

TITLE 30 CORPORATIONS CHAPTER 7 BRIDGE, FERRY, FLUME, AND BOOM CORPORATIONS 30-702. When franchise ceases. Every such corporation hereafter organized ceases to be a body corporate: 1.  If, within two (2) years from filing its articles of incorporation it has not commenced the construction of its bridge, flume or boom, as the case may be, and if within three (3) years from such filing its bridge or boom is not completed. 2.  If, when the bridge or boom of such corporation is destroyed, it is not reconstructed and ready for use within two (2) years thereafter. 3.  If the ferry of any such corporation is not in running order within four (4) months after authority to take tolls thereon is obtained, or if at any time thereafter it ceases, for a like term consecutively, to perform the duties imposed by law.