Minn. Stat. § 322C.0902

Current through 2024, c. 127

Section 322C.0902 - 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, the managers of a manager-managed limited liability company, or the board of governors of a board-managed limited liability company requesting that they cause the company to bring an action to enforce the right, and the member, manager, or board does not bring the action within a reasonable time; or

(2) a demand under clause (1) would be futile.

Minn. Stat. § 322C.0902

2014 c 157 art 1 s 65; 2015 c 39 s 38

Amended by 2015 Minn. Laws, ch. 39,s 38, eff. 8/1/2015.

Added by 2014 Minn. Laws, ch. 157,s 1-65, eff. 8/1/2015.