N.Y. Banking Law § 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.