Vt. Stat. tit. 11 § 4133

Current through L. 2024, c. 185.

Section 4133 - Proper plaintiff

A derivative action under section 4132 of this title may be maintained only by a person that is a member of the company at the time the action is commenced, and:

(1) was a member when the conduct giving rise to the action occurred; or

(2) whose status as a member devolved on the person by operation of law or pursuant to the terms of the operating agreement from a person that was a member at the time of the transaction.

11 V.S.A. § 4133

Added 2015 , No. 17, § 2.