N.Y. Business Corporation Law 1116 – Discontinuance of action or special proceeding
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§ 1116. Discontinuance of action or special proceeding.
Terms Used In N.Y. Business Corporation Law 1116
- 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.
An action or special proceeding for the dissolution of a corporation may be discontinued at any stage when it is established that the cause for dissolution did not exist or no longer exists. In such event, the court shall dismiss the action or special proceeding and direct any receiver to redeliver to the corporation all its remaining property.