31 M.R.S. §1632: Derivative action
Where this section sits in the code
- TITLE 31: PARTNERSHIPS AND ASSOCIATIONS
- CHAPTER 21: LIMITED LIABILITY COMPANIES
- SUBCHAPTER 11: ACTIONS BY MEMBERS
A member may maintain a derivative action to enforce a right of a limited liability company if:
1. Demand. The member first makes a demand on the limited liability company to take suitable action, and the limited liability company does not take suitable action within a reasonable time; or
2. Futility of demand. A demand under subsection 1 would be futile.
Collected 2026-09-04T15:12:37Z. Source file · JSON