§ 9-C — Superintendent's or attorney-general's action for judicial dissolution

New York § 9-C

• Jurisdiction: New York
• Law BNK: Banking
• Art. 1: Short Title; Definitions; Miscellaneous Provisions

Text

§ 9-c. Superintendent's or attorney-general's action for judicial\n dissolution.\n 1. The superintendent or the attorney-general may bring an action for\nthe dissolution of a corporation formed under any article of this\nchapter or formed under any other statute or special act having as its\npurpose or among its purposes a purpose for which a corporation may be\nformed under this chapter upon one or more of the following grounds:\n (a) That the corporation procured its formation through fraudulent\nmisrepresentation or concealment of a material fact.\n (b) That the corporation has exceeded the authority conferred upon it\nby law, or has violated any provision of law whereby it has forfeited\nits charter, or carried on, conducted or transacted its business in a\npersistently fraudulent or illegal manner, or by the abuse of its powers\ncontrary to the public policy of the state has become liable to be\ndissolved.\n 2. An action under this section is triable by jury as a matter of\nright.\n 3. The enumeration in subdivision one of grounds for dissolution shall\nnot exclude actions or special proceedings by the superintendent, the\nattorney-general or other state officials for the annulment or\ndissolution of a corporation for other causes as provided in this\nchapter or in any other statute of this state.\n