§18-441-1203. Judicial dissolution.
191 words·~1 min read·
/ok/title-18-corporations/18-441-1203·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
JUDICIAL DISSOLUTION. The district court may dissolve a limited cooperative association or order any action that under the circumstances is appropriate and equitable:
(1)In a proceeding initiated by the Attorney General, if:
(A)the association obtained its articles of organization
through fraud; or
(B)the association has continued to exceed or abuse the
authority conferred upon it by law; or
(2)In a proceeding initiated by a member, if:
(A)the directors are deadlocked in the management of the
association’s affairs, the members are unable to break
the deadlock, and irreparable injury to the
association is occurring or is threatened because of
the deadlock;
(B)the directors or those in control of the association
have acted, are acting, or will act in a manner that
is illegal, oppressive, or fraudulent;
(C)the members are deadlocked in voting power and have
failed to elect successors to directors whose terms
have expired for two consecutive periods during which
annual members meetings were held or were to be held;
or
(D)the assets of the association are being misapplied or
wasted. Added by Laws 2009, c. 68, § 104, eff. Jan. 1, 2010.