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 paragraph (1) would be futile. Source: SL 1998, ch 272, § 1102; SL 2013, ch 233, § 40.