(1) A derivative action to enforce a right of a limited cooperative association may be maintained only by a person that:
(a) Is a member or a dissociated member at the time the action is commenced and:
(I) Was a member when the conduct giving rise to the action occurred; or
(II) Whose status as a member devolved upon the person by operation of law or the articles or bylaws from a person that was a member at the time of the conduct; and
(b) Adequately represents the interests of the association.
(2) If the sole plaintiff in a derivative action dies while the action is pending, the court may permit another member who meets the requirements of subsection (1) of this section to be substituted as plaintiff.
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