§ 55-7-48. Suits against directors of public corporations.
§55‑7‑48. Suits against directors of public corporations.
In addition to therequirements of this Part, the plaintiff in an action brought on behalf of acorporation that is a public corporation at the time of the action against oneor more of its directors for monetary damages shall:
(1) Allege, and it mustappear, that each plaintiff has been a shareholder or holder of a beneficialinterest in shares of the corporation for at least one year;
(2) Bring the actionwithin two years of the date of the transaction of which the plaintiffcomplains; and
(3) If the court orders,execute and deposit with the clerk of court a written undertaking withsufficient surety, approved by the court, to indemnify the corporation againstany and all expenses reasonably expected to be incurred by the corporation inconnection with the proceeding, including expenses arising by way of indemnity.(1995, c. 149, s. 1.)