Derivative action

DERIVATIVE ACTION. A member may maintain a derivative action to enforce a right of a limited cooperative association if: (1) The member demands that the association bring an action to enforce the right; and (2) Any of the following occur: (A) the association does not, within ninety (90) days after the member makes the demand, agree to bring the action; (B) the association notifies the member that it has rejected the demand; (C) irreparable harm to the association would result by waiting ninety (90) days after the member makes the demand; or (D) the association agrees to bring an action demanded and fails to bring the action within a reasonable time. Added by Laws 2009, c. 68, § 117, eff. Jan. 1, 2010.