Code of Alabama |
Match Context and Document information |
URL: | http://alisondb.legislature.state.al.us/alison/CodeOfAlabama /1975/10A-5A-9.03.htm |
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Depth: | 0 singles |
Size: | 1,774 bytes |
Modified: | 2015-06-10 14:46:18 |
Categories: | -None- |
Title: | 10A-5A-9.03 |
Description: | -None- |
Keywords: | -None- |
Meta data: | -None- |
Body: | Section 10A-5A-9.03 Standing. (a) A member may commence or maintain a derivative action in the right of the limited liability company only if the member: (1) fairly and adequately represents the interests of the limited liability company in enforcing the right of the limited liability company; and (2) either: (A) was a member of the limited liability company at the time of the act or omission of which the member complains; or (B) whose status as a member devolved upon the person by operation of law or pursuant to the terms of the limited liability company agreement from a person who was a member at the time of the act or omission of which the member complains. (b) A member associated with a series of a limited liability company may commence or maintain a derivative action in the right of the series only if the member: (1) fairly and adequately represents the interests of the series in enforcing the right of the series; and (2) either: (A) was associated with the series at the time of the act or omission of which the member complains; or (B) whose status as a member associated with the series devolved upon the person by operation of law or pursuant to the terms of the limited liability company agreement from a person who was a member associated with the series at the time of the act or omission of which the member complains. (Act 2014-144, p. 265, ยง1.) |