Sec. 10.20.360. Action by members for liquidation.
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Sec. 10.20.360. Action by members for liquidation.
In an action by a member, the superior court may liquidate the assets and business of a corporation when it is established that
(1)the directors are deadlocked in the management of the corporate affairs, the members are unable to break the deadlock, and irreparable injury to the corporation is being suffered or is threatened by reason of the deadlock;
(2)the acts of the directors or those in control of the corporation are illegal, oppressive, or fraudulent;
(3)the members are deadlocked in voting power, and have failed, for a period which includes at least two consecutive annual meeting dates, to elect successors to directors whose terms have expired or would have expired upon the election of their successors; or
(4)the corporate assets are being misapplied or wasted.