TITLE 30

CORPORATIONS

CHAPTER 25

LIMITED LIABILITY COMPANIES

PART 8

ACTIONS BY MEMBERS

30-25-802.  DERIVATIVE ACTION. A member may maintain a derivative action to enforce a right of a limited liability company if:

(1)  The member first makes a demand on the other members in a member-managed limited liability company, or the managers of a manager-managed limited liability company, requesting that they cause the company to bring an action to enforce the right, and the managers or other members do not bring the action within a reasonable time; or

(2)  A demand under subsection (1) of this section would be futile.

History:

[30-25-802, added 2015, ch. 243, sec. 50, p. 895.]