New York Business Corporation Section 1116 - Discontinuance Of Action Or Special Proceeding.

1116. Discontinuance of action or special proceeding.

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.

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Last modified: September 11, 2016