(1) A member may commence or maintain a derivative proceeding pursuant to this part 7 only where:
(a) The member was a member of the limited liability company at the time of the act or omission complained of or the membership interest in such company thereafter devolved by operation of law; and
(b) It appears that the member fairly and adequately represents the interests of the members similarly situated in enforcing the right of the limited liability company.
(2) Repealed.
Source: L. 2002: Entire section added, p. 1725, § 160, effective October 1. L. 2025: (2) repealed, (SB 25-275), ch. 377, p. 2109, § 336, effective August 6.