Mass. Gen. Laws ch. 156D § 7.41

Current through Chapter 223 of the 2024 Legislative Session

Section 156D:7.41 - Standing

A shareholder may not commence or maintain a derivative proceeding unless the shareholder:

(1) 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 who was a shareholder at that time; and

(2) fairly and adequately represents the interests of the corporation in enforcing the right of the corporation.

Mass. Gen. Laws ch. 156D, § 7.41

Added by Acts 2003, c. 127, § 17, eff. 7/1/2004.