§415-94 Involuntary dissolution. A corporation may be dissolved involuntarily when it is established that:

(1) The corporation has failed to file its annual report for a period of two years; or

(2) The corporation procured its articles of incorporation through fraud; or

(3) The corporation has continued to exceed or abuse the authority conferred upon it by law; or

(4) The corporation has failed to complete voluntary dissolution within two years. [L 1983, c 167, pt of §1; am L 1985, c 270, §4; am L 1987, c 135, §66]