Sec. 62.009.  DEADLINE FOR COMMENCING BUSINESS.  (a)  An association shall begin business not later than the first anniversary of the date the commissioner approves the association's application.
(b)  On the request of the incorporators and for good cause shown, the commissioner may grant a reasonable extension of the deadline prescribed by Subsection (a).
(c)  The commissioner may rescind the authority to operate of an association that does not begin business as required by this subtitle.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.