47-18-15. Involuntary dissolution--Action by attorney general--Grounds for involuntary dissolution.
A cooperative may be dissolved involuntarily by a decree of the circuit court where the principal office or registered agent is located in an action commenced by the attorney general when it is established that:
(1)The cooperative's certificate of incorporation was procured through fraud; or
(2)The cooperative has continued to exceed or abuse the authority conferred upon it by chapters 47-15 to 47-20, inclusive; or
(3)The cooperative failed to comply with a court order for the production of books, records, or other documents of the cooperative as provided in §47-20-3.
Source: SDC 1939, §11.1144 (1) as enacted by SL 1965, ch 23, §1; SL 1989, ch 390, §5.