Ala. Code § 10A-9A-9.03

Current through the 2024 Regular Session.

Section 10A-9A-9.03 - Standing

A partner may commence or maintain a derivative action in the right of the limited partnership only if the partner:

(1) fairly and adequately represents the interests of the limited partnership in enforcing the right of the limited partnership; and

(2) either:

(A) was a partner of the limited partnership at the time of the act or omission of which the partner complains; or

(B) whose status as a partner devolved upon the person by operation of law or pursuant to the terms of the partnership agreement from a person who was a partner at the time of the act or omission of which the partner complains.

Ala. Code § 10A-9A-9.03 (1975)

Added by Act 2016-379,§ 1, eff. 1/1/2017.