Title 16 Chapter 16 Section 1301
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Corporations | |
Uniform Limited Cooperative Association Act | |
Section 1301 | Derivative action. |
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16-16-1301. Derivative action.
A member may maintain a derivative action to enforce a right of a limited cooperative association if: (1) the member demands that the association bring an action to enforce the right; and (2) any of the following occur: (a) the association does not, not later than 90 days after the member makes the demand, agree to bring the action; (b) the association notifies the member that it has rejected the demand; (c) irreparable harm to the association would result by waiting 90 days after the member makes the demand; or (d) the association agrees to bring an action demanded and fails to bring the action within a reasonable time. Enacted by Chapter 363, 2008 General Session | |
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