Colorado § 7-80-714 Derivative proceeding - demand

Colorado Statutes

§ 7-80-714 — Derivative proceeding - demand

Colorado § 7-80-714

Title 07Corporations

Art.Limited Liability Companies

This text of Colorado § 7-80-714 (Derivative proceeding - demand) is published on Counsel Stack Legal Research, covering Colorado primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Colo. Rev. Stat. § 7-80-714 (2026).

Text

(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.