47-26-16. Involuntary dissolution by court decree--Action by attorney general--Grounds of action.
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.
Source: SL 1965, ch 24, §53; SL 1967, ch 14, §1; SL 1989, ch 393, §31.