Actions to enforce requirements of section 7-101-506 (1)

7-101-508. Actions to enforce requirements of section 7-101-506 (1). (1) Any action to enforce the requirements of section 7-101-506 (1), including any individual, derivative, or other type of action, may not be brought unless the parties bringing the action own, individually or collectively, as of the date of instituting the action, either: (a) At least two percent of the corporation's outstanding shares; or (b) In the case of a corporation with shares listed on a national securities exchange: (I) Two percent of the corporation's outstanding shares; or (II) Shares of the corporation with a market value of at least two million dollars. (2) This section does not relieve the parties bringing an action described in subsection (1) of this section from complying with other conditions applicable to a derivative action, including any rules of the court in which the action is filed. Source: L. 2013: Entire part added, (HB 13-1138), ch. 230, p. 1103, � 1, effective April 1, 2014. L. 2022: Entire section amended, (SB 22-045), ch. 33, p. 184, � 3, effective August 10.