§ 35-14-1431 — Procedure For Judicial Dissolution

35-14-1431 . Procedure for judicial dissolution. (1) Venue for a proceeding by the attorney general or any other party named in 35-14-1430 (1) lies in the district court of the county in which the corporation's principal office is located or, if its principal office is not located in this state, of the first judicial district.
(2) It is not necessary to make shareholders parties to a proceeding to dissolve a corporation unless relief is sought against them individually.
(3) A court in a proceeding brought to dissolve a corporation may issue injunctions, appoint a receiver or custodian during the proceeding with all powers and duties the court directs, take other action required to preserve the corporate assets wherever located, and carry on the business of the corporation until a full hearing can be held.
(4) Within 10 days of the commencement of a proceeding to dissolve a corporation under 35-14-1430 (1)(b), the corporation shall deliver to all shareholders, other than the petitioner, a notice stating that the shareholders are entitled to avoid the dissolution of the corporation by electing to purchase the petitioner's shares under 35-14-1434 and accompanied by a copy of 35-14-1434 .

Legislative History

En. Sec. 198, Ch. 271, L. 2019.