S.D. Codified Laws § 47-26-16

Current through the 2024 Legislative Session

Section 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.

SDCL 47-26-16

SL 1965, ch 24, § 53; SL 1967, ch 14, § 1; SL 1989, ch 393, § 31.