Actions by stockholders or members--Allegations respecting ownership

No action may be instituted or maintained in the right of any association by a member or stockholder unless he alleges in his complaint that he was a member or registered stockholder when any part of the transaction of which he complains took place, or that his stock thereafter devolved upon him by operation of law from a stockholder at such time. Source: SDC 1939, § 11.1153 (1) (a) as enacted by SL 1965, ch 23 , § 1.