21-21-3. Receivership where corporation dissolved, insolvent or unable to function.
A receiver may be appointed by the court in which an action is pending, or by the judge thereof, in the cases where a corporation has been dissolved, or is insolvent, or is in imminent danger of insolvency, or has forfeited its corporate rights; or is unable to exercise its corporate functions because of continued dissension between or neglect by its stockholders, directors and officers.
Source: CCivP 1877, §219, subdiv 5; CL 1887, §5015, subdiv 5; RCCivP 1903, §227, subdiv 5; RC 1919, §2475 (5); SDC 1939 & Supp 1960, §37.2601 (5).