New York Business Corporation Law Section 1102 - Directors' petition for judicial dissolution.

1102. Directors' petition for judicial dissolution.
If  a  majority  of  the board adopts a resolution that finds that the
  assets of a corporation are not sufficient to discharge its  liabilities
  or  that  a  dissolution  will be beneficial to the shareholders, it may
  present a petition for its dissolution.

Last modified: February 3, 2019