17-6812.   Revocation or forfeiture of articles of incorporation;jurisdiction and powers of district court; proceedings by attorney general. (a) The district court shall have jurisdiction to revoke or forfeit thearticles of incorporation of any corporation for abuse, misuse or nonuse ofits corporate powers, privileges or franchises. The attorney general, uponhis own motion or upon the relation of a proper party, shall proceed forthis purpose by commencing a quo warranto action in the district court ofthe county in which the registered office of the corporation is located.

      (b)   The district court shall have power, by appointment of receivers orotherwise, to administer and wind up the affairs of any corporation whosearticles of incorporation shall be revoked or forfeited by any court underany section of this act or otherwise, and to make such orders and decreeswith respect thereto as shall be just and equitable respecting its affairsand assets and the rights of its stockholders and creditors.

      (c)   No proceeding shall be instituted under this section for nonuse ofany corporation's powers, privileges or franchises during the first two (2)years after its incorporation.

      History:   L. 1972, ch. 52, § 102; July 1.