1. (a) A circuit court or superior court may dissolve a corporation as follows:

   1. (1) In a proceeding by the attorney general if one (1) of the following is established:

      1. (A) The corporation obtained the corporation's articles of incorporation through fraud.
      2. (B) The corporation has continued to exceed or abuse the authority conferred upon the corporation by law.
      3. (C) The corporation is a public benefit corporation and the corporate assets are being misapplied or wasted.
      4. (D) The corporation is a public benefit corporation and is no longer able to carry out the corporation's purposes.

   2. (2) Except as provided in the articles of incorporation or bylaws of a religious corporation, in a proceeding by fifty (50) members or members holding at least five percent (5%) of the voting power, whichever is less, or by a director or a person specified in articles of corporation, if one (1) of the following is established:

      1. (A) The directors are deadlocked in the management of the corporate affairs, and the members, if any, are unable to break the deadlock.
      2. (B) 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. (C) The members have deadlocked in voting power and have failed, for a period that includes at least two (2) consecutive annual meeting dates, to elect successors to directors whose terms have, or would otherwise have, expired.
      4. (D) The corporate assets are being misapplied or wasted.
      5. (E) The corporation is a public benefit or religious corporation and is no longer able to carry out the corporation's purposes.

   3. (3) In a proceeding by a creditor if either of the following is established:

      1. (A) The creditor's claim has been reduced to judgment, the execution on the judgment returned unsatisfied, and the corporation is insolvent.
      2. (B) The corporation has admitted in writing that the creditor's claim is due and owing and the corporation is insolvent.
   4. (4) In a proceeding by the corporation to have the corporation's voluntary dissolution continued under court supervision.

2. (b) Before dissolving a corporation, a court must consider the following:

   1. (1) Reasonable alternatives to dissolution.
   2. (2) If dissolution is in the public interest if the corporation is a public benefit corporation.
   3. (3) If dissolution is the best way of protecting the interests of members if the corporation is a mutual benefit corporation.

As added by P.L.179-1991, SEC.1.