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.
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