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2011 SESSION

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SB 1356 Limited liability companies; derivative actions.

Introduced by: Walter A. Stosch | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED: (all summaries)

Limited liability companies; derivative actions.  Removes a provision that allows a member of a limited liability company to bring a derivative action without first demanding that the members or managers of the limited liability company bring the action if an effort to cause the members or managers to bring the action is not likely to succeed. Without this "futility" exception, a member will be required in every case to make a demand on the limited liability company before bringing a derivative action. A member shall not bring a derivative proceeding unless he fairly and adequately represents the interests of the limited liability company and is a proper plaintiff.


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