2005 Minnesota Statutes

     556.07 Corporate charter, vacation.  

    An action may be brought by the attorney general in the 
 name of the state to vacate the charter or annul the existence 
 of a corporation, other than municipal, whenever such 
 corporation: 

    (1) Offends against any act creating, altering, or renewing 
 it; 

    (2) Violates any provision of law whereby it forfeits its 
 charter by abuse of its powers; 

    (3) Forfeits its privileges or franchises by failure to 
 exercise its powers; 

    (4) Does or omits any act amounting to a surrender of its 
 corporate rights, privileges and franchise; or 

    (5) Exercises a franchise or privilege not conferred upon 
 it by law.  

    The attorney general shall bring action in every case of 
 public interest, whenever the attorney general has reason to 
 believe that any of these acts or omissions can be proved, and 
 in every other case in which satisfactory security shall be 
 given to indemnify the state against costs and expenses.  

    HIST: (9710) RL s 4544; 1986 c 444