Colorado § 7-80-714 Derivative proceeding - demand

Colorado Statutes

§ 7-80-714 — Derivative proceeding - demand

Colorado·Title 07 Corporations·Art. Limited Liability Companies

(1)No member shall commence a derivative proceeding pursuant to this part 7 unless:

(a)A written demand has been made upon the limited liability company to take suitable action; and

(b)Thirty days have expired from the date the demand was made; except that the thirty-day limitation shall not be required where:

(I)The member has been notified prior to the expiration of the thirty-day period that the demand has been rejected by the limited liability company; or

(II)Irreparable injury to the limited liability company would result from waiting for the expiration of the thirty-day period.

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(1) No member shall commence
a derivative proceeding pursuant to this part 7 unless:

(a) A written demand has been made upon the limited liability company to
take suitable action; and

(b) Thirty days have expired from the date the demand was made; except
that the thirty-day limitation shall not be required where:

(I) The member has been notified prior to the expiration of the thirty-day
period that the demand has been rejected by the limited liability company; or

(II) Irreparable injury to the limited liability company would result from
waiting for the expiration of the thirty-day period.

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