§ 23-1-47-1 — Judicial dissolution; when allowable

The circuit or 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 continued to exceed or abuse the
authority conferred upon it by law;
(2) in a proceeding by a shareholder if it is established that:
(A) the directors are deadlocked in the management of the
corporate affairs, the shareholders are unable to break the
deadlock, and irreparable injury to the corporation is threatened
or being suffered, or the business and affairs of the corporation
can no longer be conducted to the advantage of the shareholders
generally, because of the deadlock; or
(B) the shareholders are deadlocked in voting power and have
failed, for a period that includes at least two (2) consecutive
annual meeting dates, to elect successors to directors whose
terms have expired;
(3) in a proceeding by a creditor if it is established that:
(A) the creditor's claim has been reduced to judgment, the
execution on the judgment returned unsatisfied, and the
corporation is insolvent; or
(B) the corporation has admitted in writing that the creditor's
claim is due and owing and the corporation is insolvent; or
(4) in a proceeding by the corporation to have its voluntary
dissolution continued under court supervision.

Legislative History

As added by P.L.149-1986, SEC.31.