TITLE 30

CORPORATIONS

CHAPTER 25

LIMITED LIABILITY COMPANIES

PART 8

ACTIONS BY MEMBERS

30-25-803.  PROPER PLAINTIFF. A derivative action to enforce a right of a limited liability company may be maintained only by a person that is a member at the time the action is commenced and:

(1)  Was a member when the conduct giving rise to the action occurred; or

(2)  Whose status as a member devolved on the person by operation of law or pursuant to the terms of the operating agreement from a person that was a member at the time of the conduct.

History:

[30-25-803, added 2015, ch. 243, sec. 50, p. 895.]