Section 10.06.635. Commissioner's authority to bring action for involuntary dissolution; grounds; relief.

   (a) In addition to other remedies provided by law, a corporation may be dissolved involuntarily by a decree of the superior court in an action filed by the commissioner when it is established that the corporation has
        (1) procured its certificate of incorporation through fraud;
        (2) continued to exceed or abuse the authority conferred upon it by law;
        (3) seriously violated a statute regulating corporations; or
        (4) violated a provision of law by an act or default that under the law is a ground for forfeiture of corporate existence.
   (b) The court may order dissolution or other or partial relief as it considers just and expedient. The court also may appoint a receiver under AS 10.06.643 for winding up the affairs of the corporation or may order that the corporation be wound up by its board subject to the supervision of the court.

Authorities

10.06.638;10.06.648

Notes

References

AS 10.06.638 Commencement of commissioner's action; notice; default.
AS 10.06.648 Commencement and conduct of involuntary proceedings for winding up; cessation of business; notice.

History

(Sec. 1 ch 166 SLA 1988)