§ 1101. Attorney-general's action for judicial dissolution.
169 words·~1 min read·
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§ 1101. Attorney-general's action for judicial dissolution.
(a)The attorney-general may bring an action for the dissolution of a
corporation upon one or more of the following grounds:
(1)That the corporation procured its formation through fraudulent
misrepresentation or concealment of a material fact.
(2)That the corporation has exceeded the authority conferred upon it
by law, or has violated any provision of law whereby it has forfeited
its charter, or carried on, conducted or transacted its business in a
persistently fraudulent or illegal manner, or by the abuse of its powers
contrary to the public policy of the state has become liable to be
dissolved.
(b)An action under this section is triable by jury as a matter of
right.
(c)The enumeration in paragraph
(a)of grounds for dissolution shall
not exclude actions or special proceedings by the attorney-general or
other state officials for the annulment or dissolution of a corporation
for other causes as provided in this chapter or in any other statute of
this state.