Conn. Gen. Stat. § 33-721

Current with legislation from the 2024 Regular and Special Sessions.

Section 33-721 - 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.

Conn. Gen. Stat. § 33-721

( P.A. 94-186, S. 76, 215.)

Defendant who is no longer a shareholder in the corporation cannot maintain a derivative action on its behalf. 104 CA 810.