TITLE 30

CORPORATIONS

CHAPTER 29

GENERAL BUSINESS CORPORATIONS

PART 7

SHAREHOLDERS

30-29-741.  STANDING. A shareholder may not commence or maintain a derivative proceeding unless the shareholder:

(a)  Was a shareholder of the corporation at the time of the act or omission complained of or became a shareholder through transfer by operation of law from one (1) who was a shareholder at that time; and

(b)  Fairly and adequately represents the interests of the corporation in enforcing the right of the corporation.

History:

[30-29-741, added 2015, ch. 243, sec. 62, p. 925; am. 2019, ch. 90, sec. 66, p. 266.]