§ 16-16-1301. Derivative action.

Latest version.

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, not later than 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 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.

Enacted by Chapter 363, 2008 General Session

                    
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