C.  JudicialDissolution

 

[§414-411]  Grounds for judicialdissolution.  The circuit court may dissolve a corporation:

(1)  In a proceeding by the attorney general if it isestablished that:

(A)  The corporation obtained its articles ofincorporation through fraud; or

(B)  The corporation has continued to exceed orabuse the authority conferred upon it by law;

(2)  In a proceeding by a shareholder if it isestablished that:

(A)  The directors are deadlocked in themanagement of the corporate affairs, the shareholders are unable to break thedeadlock, and irreparable injury to the corporation is threatened or beingsuffered, or the business and affairs of the corporation can no longer beconducted to the advantage of the shareholders generally, because of thedeadlock;

(B)  The directors or those in control of thecorporation have acted, are acting, or will act in a manner that is illegal,oppressive, or fraudulent;

(C)  The shareholders are deadlocked in votingpower and have failed, for a period that includes at least two consecutiveannual meeting dates, to elect successors to directors whose terms haveexpired; or

(D)  The corporate assets are being misappliedor wasted;

(3)  In a proceeding by a creditor if it isestablished that:

(A)  The creditor's claim has been reduced tojudgment, the execution on the judgment returned unsatisfied, and thecorporation is insolvent; or

(B)  The corporation has admitted in writingthat the creditor's claim is due and owing and the corporation is insolvent; or

(4)  In a proceeding by the corporation to have itsvoluntary dissolution continued under court supervision. [L 2000, c 244, pt of§1]