A corporation may be dissolved involuntarily by a decree of the district court of Santa Fe county in an action filed by the attorney general when it is established that the corporation:
A. procured its articles of incorporation through fraud; or
B. has continued to exceed or abuse the authority conferred upon it by law.
History: 1953 Comp., § 51-29-13, enacted by Laws 1967, ch. 81, § 91.
ANNOTATIONSCompiler's notes. — This section is derived from Section 94 of the ABA Model Business Corporation Act.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 19 Am. Jur. 2d Corporations §§ 2788 to 2827, 2879.
Relief other than by dissolution in cases of intracorporate deadlock or dissension, 34 A.L.R.4th 13.
Liability of shareholders, directors, and officers where corporate business is continued after its dissolution, 72 A.L.R.4th 419.
19 C.J.S. Corporations §§ 811 to 882.