A cooperative may be dissolved involuntarily by a decree of the circuit court where the principal office or registered agent is located in an action commenced by the attorney general when it is established that:

1. (1) The cooperative's certificate of incorporation was procured through fraud; or
2. (2) The cooperative has continued to exceed or abuse the authority conferred upon it by chapters 47-15 to 47-20, inclusive; or
3. (3) The cooperative failed to comply with a court order for the production of books, records, or other documents of the cooperative as provided in § 47-20-3.

Source: SDC 1939, § 11.1144 (1) as enacted by SL 1965, ch 23 , § 1; SL 1989, ch 390 , § 5.