31 §733. Proper plaintiff (WHOLE SECTION TEXT EFFECTIVE UNTIL 7/1/11)
Title 31: PARTNERSHIPS AND ASSOCIATIONS
Chapter 13: LIMITED LIABILITY COMPANIES
Subchapter 11: SUITS BY AND AGAINST THE LIMITED LIABILITY COMPANY
§733. Proper plaintiff
(CONTAINS TEXT WITH VARYING EFFECTIVE DATES)
(WHOLE SECTION TEXT EFFECTIVE UNTIL 7/1/11)
In a derivative action, the plaintiff must: [1993, c. 718, Pt. A, §1 (NEW).]
1. At time of action. Be a member at the time the action is brought; and
[ 1993, c. 718, Pt. A, §1 (NEW) .]
2. At time of transaction. Either:
A. Have been a member at the time of the transaction to which the action relates; or [1993, c. 718, Pt. A, §1 (NEW).]
B. Have acquired the status of member by operation of law or pursuant to the terms of the operating agreement or the articles of organization from a person who was a member at the time of the transaction. [1993, c. 718, Pt. A, §1 (NEW).]
[ 1993, c. 718, Pt. A, §1 (NEW) .]
SECTION HISTORY
1993, c. 718, §A1 (NEW). 2009, c. 629, Pt. A, §1 (RP). 2009, c. 629, Pt. A, §3 (AFF).