N.Y. Banking Law § 9-C Superintendent's Or Attorney-General's Action For Judicial Dissolution

• Library: New York Statutes
• Edition: 2023
• Currency: Current through 2023 NY Law Chapter 682
• Year: 2023
• Citation: N.Y. Banking Law § 9-C

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.