21-21-3. Receivership where corporation dissolved, insolvent or unable to function.
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/sd/title-21/chapter-21-21/21-21-3A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A receiver may be appointed by the court in which an action is pending, or by the judge thereof, in the cases where a corporation has been dissolved, or is insolvent, or is in imminent danger of insolvency, or has forfeited its corporate rights; or is unable to exercise its corporate functions because of continued dissension between or neglect by its stockholders, directors and officers.