§842-5 Forfeiture of corporate charters and cancellation of registrations and licenses.

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§842-5 Forfeiture of corporate charters and cancellation of registrations and licenses. The attorney general may institute civil proceedings in the circuit court to forfeit the charter of any corporation organized under the laws of this State and to cancel the registration and license authorizing any foreign corporation to carry on business or charitable work in this State, when:

(A)Any of the corporate officers or any other person controlling the management or operation of the corporation, with the knowledge of the president and a majority of the board of directors or under circumstances wherein the president and majority of the directors should have such knowledge, is engaged in organized crime or who is connected directly or indirectly with organizations or criminal societies engaging in organized crime[;] or

(B)A director, officer, employee, agent, or stockholder acting for, through, or on behalf of a corporation, in conducting the corporation's affairs, purposely engages in a persistent course of organized crime with the knowledge of the president and a majority of the board of directors or under circumstances wherein the president and a majority of the directors should have such knowledge, with the intent to compel or induce other persons, firms, or corporations to deal with the corporation or to engage in organized crime; and

(2)The public interest requires the charter of the corporation to be forfeited and the corporation to be dissolved or the registration and license to be canceled, for the prevention of future illegal conduct of the same character. [L 1972, c 71, pt of §2]