N. DISSOLUTION & DISSOCIATION

Question 1

When may shareholder petition the court to dissolve a corporation?

Answer 1

If
1) deadlock of the directors and irreparable injury to corporation,
2) directors acted in a manner that is illegal, oppressive or fraudulent*
3) shareholders are deadlocked and have failed to elect directors at least 2 consecutive meeting, or
4) corporate assets have been wasted (i.e. no value to corporation)

*violating SH’s reasonable expectation or preventing minority SH’s from having equal rights/opportunities);