N.Y. Business Corporation Law 1101 – Attorney-general's action for judicial dissolution
§ 1101. Attorney-general's action for judicial dissolution.
Terms Used In N.Y. Business Corporation Law 1101
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Statute: A law passed by a legislature.
(a) The attorney-general may bring an action for the dissolution of a corporation upon one or more of the following grounds:
(1) That the corporation procured its formation through fraudulent misrepresentation or concealment of a material fact.
(2) That the corporation has exceeded the authority conferred upon it by law, or has violated any provision of law whereby it has forfeited its charter, or carried on, conducted or transacted its business in a persistently fraudulent or illegal manner, or by the abuse of its powers contrary to the public policy of the state has become liable to be dissolved.
(b) An action under this section is triable by jury as a matter of right.
(c) The enumeration in paragraph (a) of grounds for dissolution shall not exclude actions or special proceedings by the attorney-general or other state officials for the annulment or dissolution of a corporation for other causes as provided in this chapter or in any other statute of this state.