(1) In a proceeding bythe Attorney General if it is established that (i) the corporation obtained itsarticles of incorporation through fraud; or (ii) the corporation has, afterwritten notice by the Attorney General given at least 20 days prior thereto,continued to exceed or abuse the authority conferred upon it by law;
(2) In a proceeding by ashareholder if it is established that (i) the directors or those in control ofthe corporation are deadlocked in the management of the corporate affairs, theshareholders are unable to break the deadlock, and irreparable injury to thecorporation is threatened or being suffered, or the business and affairs of thecorporation can no longer be conducted to the advantage of the shareholdersgenerally, because of the deadlock; (ii) liquidation is reasonably necessaryfor the protection of the rights or interests of the complaining shareholder; (iii)the shareholders are deadlocked in voting power and have failed, for a periodthat includes at least two consecutive annual meeting dates, to electsuccessors to directors whose terms have expired; (iv) the corporate assets arebeing misapplied or wasted; or (v) a written agreement, whether embodied in thearticles of incorporation or separate therefrom, entitles the complainingshareholder to liquidation or dissolution of the corporation at will or uponthe occurrence of some event which has subsequently occurred, and all presentshareholders, and all subscribers and transferees of shares, either are partiesto such agreement or became a shareholder, subscriber or transferee with actualnotice thereof;
(3) In a proceeding by acreditor if it is established that (i) the creditor's claim has been reduced tojudgment and the execution on the judgment returned unsatisfied; or (ii) thecorporation has admitted in writing that the creditor's claim is due and owingand the corporation is insolvent; or
(4) In a proceeding bythe corporation to have its voluntary dissolution continued under courtsupervision. (Code, ss. 604, 605, 619, 668, 669, 694; 1889, c. 533;1901, c. 2, ss. 61, 62, 73; Rev., ss. 1196, 1198, 1203, 1204; C.S., ss. 1185,1187, 1195; G.S., ss. 55‑124, 55‑126, 55‑134; 1955, c. 1371,s. 1; 1959, c. 1316, s. 26; 1989, c. 265, s. 1.)
(1) In a proceeding bythe Attorney General if it is established that (i) the corporation obtained itsarticles of incorporation through fraud; or (ii) the corporation has, afterwritten notice by the Attorney General given at least 20 days prior thereto,continued to exceed or abuse the authority conferred upon it by law;
(2) In a proceeding by ashareholder if it is established that (i) the directors or those in control ofthe corporation are deadlocked in the management of the corporate affairs, theshareholders are unable to break the deadlock, and irreparable injury to thecorporation is threatened or being suffered, or the business and affairs of thecorporation can no longer be conducted to the advantage of the shareholdersgenerally, because of the deadlock; (ii) liquidation is reasonably necessaryfor the protection of the rights or interests of the complaining shareholder; (iii)the shareholders are deadlocked in voting power and have failed, for a periodthat includes at least two consecutive annual meeting dates, to electsuccessors to directors whose terms have expired; (iv) the corporate assets arebeing misapplied or wasted; or (v) a written agreement, whether embodied in thearticles of incorporation or separate therefrom, entitles the complainingshareholder to liquidation or dissolution of the corporation at will or uponthe occurrence of some event which has subsequently occurred, and all presentshareholders, and all subscribers and transferees of shares, either are partiesto such agreement or became a shareholder, subscriber or transferee with actualnotice thereof;
(3) In a proceeding by acreditor if it is established that (i) the creditor's claim has been reduced tojudgment and the execution on the judgment returned unsatisfied; or (ii) thecorporation has admitted in writing that the creditor's claim is due and owingand the corporation is insolvent; or
(4) In a proceeding bythe corporation to have its voluntary dissolution continued under courtsupervision. (Code, ss. 604, 605, 619, 668, 669, 694; 1889, c. 533;1901, c. 2, ss. 61, 62, 73; Rev., ss. 1196, 1198, 1203, 1204; C.S., ss. 1185,1187, 1195; G.S., ss. 55‑124, 55‑126, 55‑134; 1955, c. 1371,s. 1; 1959, c. 1316, s. 26; 1989, c. 265, s. 1.)
(1) In a proceeding bythe Attorney General if it is established that (i) the corporation obtained itsarticles of incorporation through fraud; or (ii) the corporation has, afterwritten notice by the Attorney General given at least 20 days prior thereto,continued to exceed or abuse the authority conferred upon it by law;
(2) In a proceeding by ashareholder if it is established that (i) the directors or those in control ofthe corporation are deadlocked in the management of the corporate affairs, theshareholders are unable to break the deadlock, and irreparable injury to thecorporation is threatened or being suffered, or the business and affairs of thecorporation can no longer be conducted to the advantage of the shareholdersgenerally, because of the deadlock; (ii) liquidation is reasonably necessaryfor the protection of the rights or interests of the complaining shareholder; (iii)the shareholders are deadlocked in voting power and have failed, for a periodthat includes at least two consecutive annual meeting dates, to electsuccessors to directors whose terms have expired; (iv) the corporate assets arebeing misapplied or wasted; or (v) a written agreement, whether embodied in thearticles of incorporation or separate therefrom, entitles the complainingshareholder to liquidation or dissolution of the corporation at will or uponthe occurrence of some event which has subsequently occurred, and all presentshareholders, and all subscribers and transferees of shares, either are partiesto such agreement or became a shareholder, subscriber or transferee with actualnotice thereof;
(3) In a proceeding by acreditor if it is established that (i) the creditor's claim has been reduced tojudgment and the execution on the judgment returned unsatisfied; or (ii) thecorporation has admitted in writing that the creditor's claim is due and owingand the corporation is insolvent; or
(4) In a proceeding bythe corporation to have its voluntary dissolution continued under courtsupervision. (Code, ss. 604, 605, 619, 668, 669, 694; 1889, c. 533;1901, c. 2, ss. 61, 62, 73; Rev., ss. 1196, 1198, 1203, 1204; C.S., ss. 1185,1187, 1195; G.S., ss. 55‑124, 55‑126, 55‑134; 1955, c. 1371,s. 1; 1959, c. 1316, s. 26; 1989, c. 265, s. 1.)
