(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.
Structure Delaware Code
Chapter 1. GENERAL CORPORATION LAW
Subchapter X. Sale of Assets, Dissolution and Winding Up
§ 271. Sale, lease or exchange of assets; consideration; procedure.
§ 272. Mortgage or pledge of assets.
§ 273. Dissolution of joint venture corporation having 2 stockholders.
§ 274. Dissolution before issuance of shares or beginning of business; procedure.
§ 275. Dissolution generally; procedure.
§ 276. Dissolution of nonstock corporation; procedure.
§ 277. Payment of franchise taxes before dissolution, merger, transfer or conversion.
§ 278. Continuation of corporation after dissolution for purposes of suit and winding up affairs.
§ 279. Trustees or receivers for dissolved corporations; appointment; powers; duties.
§ 280. Notice to claimants; filing of claims.
§ 281. Payment and distribution to claimants and stockholders.
§ 282. Liability of stockholders of dissolved corporations.
§ 284. Revocation or forfeiture of charter; proceedings.
§ 285. Dissolution or forfeiture of charter by decree of court; filing.