Turner v. Flynn & Emrich Co.

Chapter 649, § 10 of the Laws of 1967, now Maryland Code (1957, 1973 Repl. Vol.) Art. 23, § 79A (the Act) provides, in part:

“(b) Any holder of shares entitled to vote at an election of directors of a corporation may petition a court of equity to dissolve the corporation on one or both of the following grounds:

^^ * * *(2) That the acts of the directors or those in control of the corporation are illegal, oppressive or fraudulent.” (Emphasis supplied)

The Act goes on to provide for the appointment, after notice and hearing, of one or more receivers or trustees to preserve the business and assets…