In an action by a member, the superior court may liquidate the assets and business of a corporation when it is established that
(1) the directors are deadlocked in the management of the corporate affairs, the members are unable to break the deadlock, and irreparable injury to the corporation is being suffered or is threatened by reason of the deadlock;
(2) the acts of the directors or those in control of the corporation are illegal, oppressive, or fraudulent;
(3) the members are deadlocked in voting power, and have failed, for a period which includes at least two consecutive annual meeting dates, to elect successors to directors whose terms have expired or would have expired upon the election of their successors; or
(4) the corporate assets are being misapplied or wasted.
Section: Previous 10.20.325 10.20.330 10.20.335 10.20.340 10.20.345 10.20.350 10.20.355 10.20.360 10.20.365 10.20.370 10.20.375 10.20.380 10.20.385 10.20.390 10.20.395 NextLast modified: November 15, 2016