2019 New York Laws
BNK - Banking
Article 1 - Short Title; Definitions; Miscellaneous Provisions.
9-C - Superintendent's or Attorney-General's Action for Judicial Dissolution.
§ 9-c. Superintendent's or attorney-general's action for judicial
dissolution.
1. The superintendent or the attorney-general may bring an action for
the dissolution of a corporation formed under any article of this
chapter or formed under any other statute or special act having as its
purpose or among its purposes a purpose for which a corporation may be
formed under this chapter upon one or more of the following grounds: (a) That the corporation procured its formation through fraudulent
misrepresentation or concealment of a material fact.
(b) That the corporation has exceeded the authority conferred upon it
by law, or has violated any provision of law whereby it has forfeited
its charter, or carried on, conducted or transacted its business in a
persistently fraudulent or illegal manner, or by the abuse of its powers
contrary to the public policy of the state has become liable to be
dissolved.
2. An action under this section is triable by jury as a matter of
right.
3. The enumeration in subdivision one of grounds for dissolution shall
not exclude actions or special proceedings by the superintendent, the
attorney-general or other state officials for the annulment or
dissolution of a corporation for other causes as provided in this
chapter or in any other statute of this state.
