Involuntary dissolution by court decree--Action by attorney general--Grounds of action
Applied in 1 court decision — leading case Forest Home Cemetery Ass'n v. Dardanella Financial Corp. (1983)
Most recently applied in Forest Home Cemetery Ass'n v. Dardanella Financial Corp. (February 1983)
Source: SL 1965, ch 24, § 53; SL 1967, ch 14, § 1; SL 1989, ch 393, § 31.
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.
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.