King v. Coulter

HAYS, Justice.

We accepted this petition for special action to determine whether an Arizona corporation may be involuntarily dissolved in the absence of statutory authority.

Petitioners Charles J. King and Barry A. Adamson and respondent Tim Jackson were the sole directors and shareholders of Low Cost Auto Parts, Inc. (“Low Cost”). Respondent Jackson owns 40% of the common stock; petitioners King and Adamson own 40% and 20% of the shares of common stock, respectively.

Jackson bought into the company for his present 40% share and was made president at that time.

In March of 1973 a dispute arose…