New York Banking Law

Sec. § 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.
Source

Last accessed
Dec. 13, 2016