Circumstances under which ultra vires may be asserted--Actions by attorney general to dissolve or enjoin corporation.

Checkout our iOS App for a better way to browser and research.

47-22-72. Circumstances under which ultra vires may be asserted--Actions by attorney general to dissolve or enjoin corporation.

Notwithstanding §47-22-69, the fact that a corporation is without capacity or power to do an act or to make or receive a conveyance or transfer of real or personal property may be asserted in a proceeding by the attorney general, as provided in chapter 47-26, to dissolve the corporation, or in a proceeding by the attorney general to enjoin the corporation from performing unauthorized acts, or in any other proceeding by the attorney general.

Source: SL 1965, ch 24, §6 (3).


Download our app to see the most-to-date content.