Derivative proceeding - standing

7-80-713. Derivative proceeding - standing. (1) A member may commence or maintain a derivative proceeding pursuant to this part 7 only where: (a) The member was a member of the limited liability company at the time of the act or omission complained of or the membership interest in such company thereafter devolved by operation of law; and (b) It appears that the member fairly and adequately represents the interests of the members similarly situated in enforcing the right of the limited liability company. (2) Repealed. Source: L. 2002: Entire section added, p. 1725, � 160, effective October 1. L. 2025: (2) repealed, (SB 25-275), ch. 377, p. 2109, � 336, effective August 6. Editor's note: Subsection (2) was relocated to � 7-80-700.3 in 2025.