Arizona § 10-11430 - Grounds for judicial dissolution
Full text of Arizona Arizona Revised Statutes § 10-11430 — Grounds for judicial dissolution, with citation guidance and answers to common questions.
§ 10-11430. Grounds for judicial dissolution
A. The court may dissolve a corporation in a proceeding by the attorney general if it is established that either:
1. The corporation obtained its articles of incorporation through fraud.
2. The corporation has continued to exceed or abuse the authority conferred upon it by law.
B. Except as provided in the articles of incorporation or bylaws of a corporation organized primarily for religious purposes, the court may dissolve a corporation in a proceeding by fifty members or by members holding twenty-five per cent of the voting power, whichever is less, or by a director or any person specified in the articles of incorporation, if any of the following is established:
1. The directors are deadlocked in the management of the corporate affairs, the members, if any, are unable to breach the deadlock and irreparable injury to the corporation is threatened or being suffered or the affairs of the corporation cannot be conducted generally because of the deadlock.
2. The directors or those in control of the corporation have acted, are acting or will act in a manner that is illegal, oppressive or fraudulent.
3. The members are deadlocked in voting power and have failed, for a period that includes at least two consecutive annual meeting dates to elect successors to directors whose terms have or would otherwise have expired.
4. The corporate assets are being wasted, misapplied or diverted for noncorporate purposes.
C. The court may dissolve a corporation in a proceeding by a creditor if it is established that either:
1. The creditor's claim has been reduced to a judgment, the execution on the judgment has been returned unsatisfied and the corporation is insolvent.
2. The corporation has admitted in writing that the creditor's claim is due and owing and the corporation is insolvent.
D. The court may dissolve a corporation in a proceeding by the corporation to have its voluntary dissolution continued under court supervision.
Frequently Asked Questions About Arizona § 10-11430
What does Arizona Revised Statutes § 10-11430 cover?
Section 10-11430 ("Grounds for judicial dissolution") is part of the Arizona Revised Statutes, the codified statutory law of Arizona. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Arizona § 10-11430?
A common citation format is "Arizona Revised Statutes § 10-11430" (Arizona). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Arizona law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Arizona official source linked on this page or consult a licensed Arizona attorney.
How does Arizona § 10-11430 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Arizona can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Arizona.