Derivative proceedings; standing.

A derivative proceeding may be brought in the right of a corporation or foreign corporation to procure a judgment in its favor by one or more members having 5 percent or more of the voting power or by 50 members, whichever is less, if each of these members meets all of the following conditions: (1) Membership. The member was a member of the corporation at the time of the act or omission complained of or became a member through transfer by operation of law from a person who was a member at that time. (2) Representing corporation’s interests. The member fairly and adequately represents the interests of the corporation in enforcing the right of the corporation. History: 1997 a. 79.