Maine Code § 31-1632

Derivative action
Open in Lexace · Ask the AI about this section
A member may maintain a derivative action to enforce a right of a limited liability company if: [PL
2009, c. 629, Pt. A, §2 (NEW); PL 2009, c. 629, Pt. A, §3 (AFF).]
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
[PL 2011, c. 113, Pt. A, §20 (AMD).]
2. Futility of demand. A demand under subsection 1 would be futile.
[PL 2009, c. 629, Pt. A, §2 (NEW); PL 2009, c. 629, Pt. A, §3 (AFF).]

‹ Prev All Maine sections Next ›


Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.