{"data":{"id":"us-ms/miss.-code-ann.-79-29-1103","jurisdiction":"us-ms","citation":"Miss. Code Ann. § 79-29-1103","heading":"Proper plaintiff.","body":"In a derivative action, the plaintiff must be a member or an owner of a financial interest at the time of bringing the action and:\n(a) At the time of the transaction of which the plaintiff complains; or\n(b) The plaintiff’s status as a member or an owner of a financial interest had devolved upon the plaintiff by operation of law or pursuant to the terms of an operating agreement from a person who was a member or an owner of a financial interest at the time of the transaction.\nA plaintiff may not commence or maintain a derivative proceeding unless the plaintiff fairly and adequately represents the interests of the limited liability company in enforcing the right of the limited liability company.","path":["Title 79. Corporations, Associations, and Partnerships","Chapter 29. Revised Mississippi Limited Liability Company Act","Article 11. Derivative Actions."],"source_url":"https://archive.org/download/gov.ms.code.ann.2018/release78.2020.07.08/gov.ms.code.title.79.odt","current_through":"2020-07-08","vintage":"Mississippi Code Release 78 (2020-07), retrieved 2026-09-17","retrieved_at":"2026-10-27T05:54:23Z","sha256":"ac702129bbd53d90ce721d150d5e5956a317c2400b0a55b43f88d692be5655a4","source_id":"us-ms","stale":false,"prev":"us-ms/miss.-code-ann.-79-29-1101","next":"us-ms/miss.-code-ann.-79-29-1105","notices":[{"id":"open-us-law","title":"Open US Law compilation","text":"Compilation CC BY 4.0, Open US Law (Vaquill AI). GroundRules uses only the releases published under CC BY 4.0: from v2026.09 the compilation is licensed CC BY-NC 4.0, and GroundRules does not use those releases. Each affected row names its release in its vintage label. GroundRules parsed and filtered the compilation to retain enacted text.","url":"https://huggingface.co/datasets/vaquill/open-us-law","license_url":"https://creativecommons.org/licenses/by/4.0/"},{"id":"pro-ms","title":"Mississippi Release 78 supplement","text":"Mississippi electronic product files were republished by Public.Resource.Org under a public-domain dedication. GroundRules uses enacted text from Release 78 only as a labeled supplement to the newer Open US Law rows.","url":"https://archive.org/details/gov.ms.code.ann.2018"}]},"notice":"GroundRules: Original legal text. Not legal advice."}