Section 47-26-16 - Involuntary dissolution by court decree--Action by attorney general--Grounds ofaction.
47-26-16. Involuntary dissolution by court decree--Action by attorney general--Grounds of action. The provisions of § 47-24-13.1 notwithstanding, a corporation may be dissolved involuntarily by a decree of the circuit court in an action filed by the attorney general if it is established that:
(1) The corporation procured its articles of incorporation through fraud; or
(2) The corporation has continued to exceed or abuse the authority conferred upon it by law.
Source: SL 1965, ch 24, § 53; SL 1967, ch 14, § 1; SL 1989, ch 393, § 31.