(1) The circuit courts may dissolve a corporation:
(a) In a proceeding by the Attorney General if it is established that:
(A) The corporation obtained its articles of incorporation through fraud;
(B) The corporation has exceeded or abused the authority conferred upon it by law;
(C) The corporation has fraudulently solicited money or has fraudulently used the money solicited;
(D) The corporation is a public benefit corporation and the corporate assets are being misapplied or wasted; or
(E) The corporation is a public benefit corporation and is no longer able to carry out its purposes;
(b) Except as provided in the articles or bylaws of a religious corporation, in a proceeding by 50 members or members holding five percent or more of the voting power, whichever is less, or by a director or any person specified in the articles, if it is established that:
(A) The directors are deadlocked in the management of the corporate affairs, and the members, if any, are unable to break the deadlock;
(B) The directors or those in control of the corporation have acted, are acting or will act in a manner that is illegal, oppressive of fraudulent;
(C) The members are deadlocked in voting power and have failed, for a period that includes at least two consecutive annual meeting dates, to elect successors to directors whose terms have expired;
(D) The corporate assets are being misapplied or wasted; or
(E) The corporation is a public benefit or religious corporation and is no longer able to carry out its purposes;
(c) In a proceeding by a creditor if it is established that:
(A) The creditor’s claim has been reduced to judgment, the execution on the judgment has been returned unsatisfied and the corporation is insolvent; or
(B) The corporation has admitted in writing that the creditor’s claim is due and owing and the corporation is insolvent; or
(d) In a proceeding by the corporation to have its voluntary dissolution continued under court supervision.
(2) Prior to dissolving a corporation, the court shall consider whether:
(a) There are reasonable alternatives to dissolution;
(b) Dissolution is in the public interest, if the corporation is a public benefit corporation; or
(c) Dissolution is the best way of protecting the interests of members, if the corporation is a mutual benefit corporation. [1989 c.1010 §142]
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