™Your Policy Risk Impact Agent
47 chapters · 714 sections in this title.
N.D.C.C. § 10-32.1-36 Pleading
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In a derivative action under section 10-32.1-34, the complaint must state with particularity: 1. The date and content of the demand of the plaintiff and the response to the demand by the other members, managers, or board of governors; or 2. If a demand has not been made, the reas…
N.D.C.C. § 10-32.1-37 Special litigation committee
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1. If a limited liability company is named as or made a party in a derivative proceeding, then the company may appoint a special litigation committee to investigate the claims asserted in the proceeding and determine whether pursuing the action is in the best interests of the com…
N.D.C.C. § 10-32.1-38 Proceeds and expenses
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1. Except as otherwise provided in subsection 2: a. Any proceeds or other benefits of a derivative action under section 10-32.1-34, whether by judgment, compromise, or settlement, belong to the limited liability company and not to the plaintiff; and b. If the plaintiff receives a…
N.D.C.C. § 10-32.1-39 Management of a limited liability company
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1. A limited liability company is a member-managed limited liability company unless the operating agreement: a. Expressly provides that: (1) The company is or will be "manager-managed" or "board-managed"; (2) The company is or will be "managed by managers" or "managed by a board"…
