South Dakota Codified Laws 47-26-16. Involuntary dissolution by court decree–Action by attorney general–Grounds ofaction
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The provisions of § 47-24-13.1 notwithstanding, a corporation may be dissolved involuntarily by a decree of the circuit court in an action filed by the attorney general if it is established that:
(1) The corporation procured its articles of incorporation through fraud; or
Terms Used In South Dakota Codified Laws 47-26-16
- 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.
- Fraud: Intentional deception resulting in injury to another.
(2) The corporation has continued to exceed or abuse the authority conferred upon it by law.
Source: SL 1965, ch 24, § 53; SL 1967, ch 14, § 1; SL 1989, ch 393, § 31.