§ 6-36-17 - Forfeiture of charter rights and privileges to do business.
SECTION 6-36-17
§ 6-36-17 Forfeiture of charter rights andprivileges to do business. – (a) Upon the failure of any person to comply with the terms of a final judgmentor decree rendered by a court of this state issued for a violation of theprovisions of this chapter, or to comply with a consent settlement approved bya court of this state concerning an alleged violation of this chapter, theattorney general may apply to the court:
(i) For the forfeiture of any charter rights, franchiseprivileges, or powers of the corporation held by the person under the laws ofthis state;
(ii) For dissolution, if the person is a corporation orlimited partnership organized under the laws of this state; or
(iii) For the suspension of the privilege to conduct businesswithin this state.
(2) The court, after giving due consideration to the publicinterest and to relevant competitive and economic circumstances, may grant somuch of the requested relief as is deemed appropriate. Dissolution shall beconducted in accordance with the procedures specified by law for eithervoluntary or judicial dissolution of the particular type of corporation,association, firm, or partnership.
(b) If any corporation, association, partnership, or limitedpartnership shall be dissolved or have its privilege to transact business inthis state suspended or revoked as provided in subsection (a) of this section,no assignee, transferee, or successor in interest of the corporation,association, partnership, or limited partnership shall be permitted toincorporate or to transact business in this state without first applying to thecourt for and receiving an order permitting incorporation or transaction ofbusiness. No order shall be granted unless the applicant proves to thesatisfaction of the court that it will conduct its affairs in accordance withthe provisions of this chapter.