§ 17-16-1431 — Procedure for judicial dissolution

Wyoming § 17-16-1431

• Jurisdiction: Wyoming
• Title 17: Corporations, Partnerships and Associations
• Ch. 16: WYOMING BUSINESS CORPORATION ACT
• Art. 14: DISSOLUTION

Text

(a) Venue for a proceeding by the attorney general to
dissolve a corporation lies in Laramie county district court.
Venue for a proceeding brought by any other party named in W.S.
17-16-1430 lies in the county where a corporation's principal
office, or, if none in this state, its registered office, is or
was last located.
(b) It is not necessary to make shareholders parties to a
proceeding to dissolve a corporation unless relief is sought
against them individually.
(c) A court in a proceeding brought to dissolve a
corporation may issue injunctions, appoint a receiver or
custodian pendente lite 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.
(d) Within ten (10) days of the commencement of a
proceeding under W.S. 17-16-1430(a)(ii) to dissolve a
corporation that has no shares listed on a national securities
exchange or regularly traded in a market maintained by one (1)
or more members of a national or affiliated securities
association, the corporation must send 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 W.S. 17-16-1434 and accompanied by a copy of W.S.