Connecticut § 33-721 Standing.

Connecticut Statutes

§ 33-721 — Standing.

Connecticut·Title 33 Corporations·Ch. 601 Business Corporations

A shareholder may not commence or maintain a derivative proceeding unless the shareholder:

(1)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; and (2) fairly and adequately represents the interests of the corporation in enforcing the right of the corporation.

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A shareholder may not commence or maintain a derivative proceeding unless the shareholder: (1) 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; and (2) fairly and adequately represents the interests of the corporation in enforcing the right of the corporation.

Connecticut § 33-721 (Standing.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

(P.A. 94-186, S. 76, 215.) History: P.A. 94-186 effective January 1, 1997. Defendant who is no longer a shareholder in the corporation cannot maintain a derivative action on its behalf. 104 CA 810.