Proceeding commenced after rejection of shareholder demand--Complaint requirements

If a derivative proceeding is commenced after a determination has been made rejecting a demand by a shareholder, the complaint shall allege with particularity facts establishing either (1) that a majority of the board of directors did not consist of independent directors at the time the determination was made, or (2) that the requirements of § 47-1A-744 have not been met. Source: SL 2005, ch 239 , § 130.