Document ID: General_Provisions_Article_14._§_55A-14-30._ Grounds_for_judicial_dissolution.

Title: {"article_title": "Article 14.", "section_title": "§ 55A-14-30.  Grounds for judicial dissolution.", "subchapter_title": "General Provisions", "type": "section"}

§ 55A-14-30.  Grounds for judicial dissolution. (a)	The superior court may dissolve a corporation: (1)	In a proceeding by the Attorney General if it is established that: a.	The corporation obtained its articles of incorporation through fraud; or b.	The corporation has, after written notice by the Attorney General given at least 20 days prior thereto, continued to exceed or abuse the authority conferred upon it by law; (2)	In a proceeding by a member or director, if it is established that: a.	The directors are deadlocked in the management of the corporate affairs, and the members, if any, are unable to break the deadlock; b.	The directors or those in control of the corporation have acted, are acting, or will act in a manner that is illegal, oppressive, or fraudulent; c.	The members are deadlocked in voting power and have failed, for a period that includes at least two consecutive annual meeting dates, to elect successors to directors whose terms have, or would otherwise have, expired; d.	The corporate assets are being misapplied or wasted; or e.	The corporation is no longer able to carry out its purposes. (3)	In a proceeding by a creditor if it is established that: a.	The creditor's claim has been reduced to judgment and execution on the judgment has been returned unsatisfied; or b.	The corporation has admitted in writing that the creditor's claim is due and owing and the corporation is insolvent. (4)	In a proceeding by the corporation to have its voluntary dissolution continued under court supervision. (b)	Prior to dissolving a corporation, the court shall consider whether: (1)	There are reasonable alternatives to dissolution; (2)	Dissolution is in the public interest, if the corporation is a charitable or religious corporation; and (3)	Dissolution is reasonably necessary for the protection of the rights or interests of the members, if any. (1955, c. 1230; 1985 (Reg. Sess., 1986), c. 801, s. 42; 1993, c. 398, s. 1.)