A shareholder may not commence a derivative proceeding until: [2001, c. 640, Pt. A, §2(NEW); 2001, c. 640, Pt. B, §7(AFF).]
1.Written demand. A written demand has been made upon the corporation to take suitable action; and [2001, c. 640, Pt. A, §2(NEW); 2001, c. 640, Pt. B, §7(AFF).]
2.Expiration of 90 days. Ninety days have expired from the date delivery of the demand was made, unless the shareholder has earlier been notified that the demand has been rejected by the corporation or unless irreparable injury to the corporation would result by waiting for the expiration of the 90-day period. [2011, c. 274, §30(AMD).]
Amended by 2011, c. 274,§ 30, eff. 9/28/2011.2001, c. 640, §A2 (NEW) . 2001, c. 640, §B7 (AFF) .