Delaware Code (Titles 8, 9, 25, 30)
8 Del. C. § 284
Revocation or forfeiture of charter; proceedings
# (a)
Upon motion by the Attorney General, the Court of Chancery shall have jurisdiction to revoke or forfeit the charter of any corporation for abuse, misuse or nonuse of its corporate powers, privileges or franchises. The Attorney General shall proceed for this purpose by complaint in the Court of Chancery.
# (b)
The Court of Chancery shall have power, by appointment of trustees, receivers or otherwise, to administer and wind up the affairs of any corporation whose charter shall be revoked or forfeited by the Court of Chancery under this section, and to make such orders and decrees with respect thereto as shall be just and equitable respecting its affairs and assets and the rights of its stockholders and creditors.
# (c)
No proceeding shall be instituted under this section for nonuse of any corporation’s powers, privileges or franchises during the first 2 years after its incorporation.
Amendment history
56 Del. Laws, c. 50; 66 Del. Laws, c. 136, § 41; 71 Del. Laws, c. 339, § 59; 81 Del. Laws, c. 354, § 11
Source: view the official text
In this title (40 sections)
- 8-262 · Appraisal rights [For application of this section, see 81 Del.…
- 8-263 · Merger or consolidation of domestic corporations and…
- 8-264 · Merger or consolidation of domestic corporations and limited…
- 8-265 · Conversion of other entities to a domestic corporation [For…
- 8-266 · Conversion of a domestic corporation to other entities [For…
- 8-267 · Merger of parent entity and subsidiary corporation or…
- 8-268 · Amendments to certificate of incorporation of the surviving…
- 8-271 · Sale, lease or exchange of assets; consideration; procedure
- 8-272 · Mortgage or pledge of assets
- 8-273 · Dissolution of joint venture corporation having 2 stockholders
- 8-274 · Dissolution before issuance of shares or beginning of business;…
- 8-275 · Dissolution generally; procedure
- 8-276 · Dissolution of nonstock corporation; procedure
- 8-277 · Payment of franchise taxes before dissolution, merger, transfer…
- 8-278 · Continuation of corporation after dissolution for purposes of…
- 8-279 · Trustees or receivers for dissolved corporations; appointment;…
- 8-280 · Notice to claimants; filing of claims
- 8-281 · Payment and distribution to claimants and stockholders
- 8-282 · Liability of stockholders of dissolved corporations
- 8-283 · Jurisdiction
- 8-284 · Revocation or forfeiture of charter; proceedings
- 8-285 · Dissolution or forfeiture of charter by decree of court; filing
- 8-291 · Receivers for insolvent corporations; appointment and powers
- 8-292 · Title to property; filing order of appointment; exception
- 8-293 · Notices to stockholders and creditors
- 8-294 · Receivers or trustees; inventory; list of debts and report
- 8-295 · Creditors’ proofs of claims; when barred; notice
- 8-296 · Adjudication of claims; appeal
- 8-297 · Sale of perishable or deteriorating property
- 8-298 · Compensation, costs and expenses of receiver or trustee
- 8-299 · Substitution of trustee or receiver as party; abatement of…
- 8-300 · Employee’s lien for wages when corporation insolvent
- 8-301 · Discontinuance of liquidation
- 8-302 · Compromise or arrangement between corporation and creditors or…
- 8-303 · Proceeding under the Federal Bankruptcy Code of the United…
- 8-311 · Revocation of voluntary dissolution; restoration of expired…
- 8-312 · Revival of certificate of incorporation
- 8-313 · Revival of certificate of incorporation or charter of exempt…
- 8-314 · Status of corporation
- 8-321 · Service of process on corporations