The provisions of § 47-24-13.1 notwithstanding, a corporation may be dissolved involuntarily by a decree of the circuit court in an action filed by the attorney general if it is established that:

1. (1) The corporation procured its articles of incorporation through fraud; or
2. (2) The corporation has continued to exceed or abuse the authority conferred upon it by law.

Source: SL 1965, ch 24 , § 53; SL 1967, ch 14 , § 1; SL 1989, ch 393 , § 31.