{"data":{"id":"us-mi/mich.-comp.-laws-450.1492a","jurisdiction":"us-mi","citation":"Mich. Comp. Laws § 450.1492a","heading":"Commencement of derivative proceeding by shareholder; criteria.","body":"Sec. 492a.\n\nA shareholder may not commence or maintain a derivative proceeding unless the shareholder meets all of the following criteria:\n\nThe shareholder was a shareholder of the corporation at the time of the act or omission complained of or became a shareholder through transfer by operation of law from one who was a shareholder at that time.\n\nThe shareholder fairly and adequately represents the interests of the corporation in enforcing the right of the corporation.\n\nThe shareholder continues to be a shareholder until the time of judgment, unless the failure to continue to be a shareholder is the result of corporate action in which the former shareholder did not acquiesce and the derivative proceeding was commenced prior to the termination of the former shareholder's status as a shareholder.","path":["MI Code","Chapter 450","Act Act-284-of-1972"],"source_url":"https://www.legislature.mi.gov/Laws/MCL?objectName=mcl-450-1492a","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:31Z","sha256":"9f050b927ed66b27bfed6bf88ba84a9880ae090a4dc1e4e842cc7db64fa6a542","source_id":"us-mi","stale":false,"prev":"us-mi/mich.-comp.-laws-450.1491a","next":"us-mi/mich.-comp.-laws-450.1493a"},"notice":"GroundRules: Original legal text. Not legal advice."}