2019 US Virgin Islands Code
Title 13 - Corporations and Associations
Chapter 1 - General Corporation Law
Subchapter X - Sale of Assets; Dissolution
§ 288. Revocation or forfeiture of articles of incorporation; proceedings
(a) An action for any one or more of the following causes, to procure a judgment dissolving a corporation created by or under this chapter, and forfeiting its corporate rights and franchises; or its license to do business within the United States Virgin Islands, if it be a foreign corporation, may be maintained in the district court by the United States attorney in the name and in behalf of the government of the United States Virgin Islands, or by a creditor or stockholder upon proof to the court that the United States attorney omits for thirty days after the submission of a verified statement of the facts to maintain such an action—
(1) where the corporation is insolvent, as evidenced by a return of no property found in execution, or by a judgment or decree in insolvency proceedings or an adjudication of bankruptcy; or
(2) where it has suspended its ordinary and lawful business, for at least one year; or
(3) where it is a party to an illegal combination in restraint of trade; or
(4) where the law imposes the penalty of dissolution; or
(5) where it has violated any provision of the law under which it was incorporated; or
(6) where it has done or omitted any act which amounts to a surrender of its corporate rights, privileges, and franchises; or
(7) where it exercises a right, privilege, or franchise not conferred upon it by law; or
(8) where the incorporation, or any renewal or modification thereof, was procured by a fraudulent suggestion or concealment of a material fact by any of the persons incorporated or with their knowledge and consent.
(b) If it is determined that a corporation against which an action has been commenced under this section has forfeited its corporate rights, privileges, and franchises, judgment shall be given that such corporation be excluded therefrom, and that the corporation be dissolved.
(c) A judgment in any action under this section in respect to costs may be enforced by execution as a judgment which requires the payment of money. In all other respects, obedience to the judgment may be enforced by attachment of the body of any or all of the officers or members of the defendant corporation who refuse or neglect obedience thereto.
(d) The district court shall have power, by appointment of receivers or otherwise, to administer and liquidate the affairs of any corporation, whose articles of incorporation shall be revoked or forfeited under the provisions of this section, and to make such orders and decrees with respect thereto as shall be just and equitable respecting its affairs, business property and assets and the rights of the stockholders and creditors thereof.
(e) No proceeding shall be instituted under this section for non-use of any corporation's powers, privileges or franchises during the first two years after its incorporation.
