(1) A member may maintain a derivative action to enforce a right of a limited cooperative association if:
(a) The member demands in a record that the association bring an action to enforce the right; and
(b) Any of the following occur:
(I) The association does not, within ninety days after the association receives the demand, agree to bring the action;
(II) The association notifies the member in a record that it has rejected the demand;
(III) Irreparable harm to the association would result by waiting ninety days after the association receives the demand; or
(IV) The association agrees to bring an action demanded and fails to bring the action within a reasonable time.
Source: L. 2011: Entire article added, (SB 11-191), ch. 197, p. 809, � 1, effective April 2, 2012.