§1632. Derivative action
A member may maintain a derivative action to enforce a right of a limited liability company if:
[PL 2009, c. 629, Pt. A, §2 (NEW); PL 2009, c. 629, Pt. A, §3 (AFF).]
1.
Demand.
The member first makes a demand on the limited liability company to take suitable action, and the limited liability company does not take suitable action within a reasonable time; or
[PL 2011, c. 113, Pt. A, §20 (AMD).]
2.
Futility of demand.
A demand under subsection 1 would be futile.
[PL 2009, c. 629, Pt. A, §2 (NEW); PL 2009, c. 629, Pt. A, §3 (AFF).]
SECTION HISTORY
PL 2009, c. 629, Pt. A, §2 (NEW). PL 2009, c. 629, Pt. A, §3 (AFF). PL 2011, c. 113, Pt. A, §20 (AMD).