If the court is satisfied that there has been gross waste, misconduct or negligence in the management of its affairs, it shall decree a forfeiture of the company's charter or authority to do business, and shall make all other orders required for closing up and settling its affairs; otherwise the petition shall be dismissed and the defendant's taxable costs shall be paid by the state.
Source. 1975, 311:1, eff. Aug. 6, 1975.