47-18-15. Involuntary dissolution--Action by attorney general--Grounds for involuntary dissolution.

A cooperative may be dissolved involuntarily by a decree of the circuit court where the principal office or registered agent is located in an action commenced by the attorney general when it is established that:

(1)    The cooperative's certificate of incorporation was procured through fraud; or

(2)    The cooperative has continued to exceed or abuse the authority conferred upon it by chapters 47-15 to 47-20, inclusive; or

(3)    The cooperative failed to comply with a court order for the production of books, records, or other documents of the cooperative as provided in § 47-20-3.

Source: SDC 1939, § 11.1144 (1) as enacted by SL 1965, ch 23, § 1; SL 1989, ch 390, § 5.