§415B-99 Jurisdiction of court to liquidate assets and affairs of corporation. Any circuit court shall have full power to liquidate the assets and affairs of a corporation:

(1) Pursuant to action by a member or director when it appears:

(A) That the directors are deadlocked in the management of the corporate affairs and that irreparable injury to the corporation is being suffered or is threatened by reason thereof, and the members are unable to break the deadlock or there are no members having voting rights;

(B) That the acts of the directors or those in control of the corporation are illegal or fraudulent;

(C) That the members entitled to vote in the election of directors are deadlocked in voting power and have failed for at least two years to elect successors to directors whose terms have expired or would have expired upon the election of their successors;

(D) That the corporate assets are being misapplied or wasted; or

(E) That the corporation is unable to carry out its purposes; or

(2) Upon application by a corporation to have its dissolution continued under the supervision of the court. It shall be unnecessary to make directors or members parties to any such action or proceedings unless relief is sought against them personally. [L 1985, c 270, pt of §1; am L 1987, c 135, §175]