Georgia § 14-3-741 Standing

Georgia Statutes

§ 14-3-741 — Standing

(a)A derivative proceeding may be brought by:

(1)Any director;

(2)Any member or members having 5 percent or more of the voting power; or (3) Fifty or more members, regardless of voting power.

(b)A member may not commence or maintain a derivative proceeding unless the member:

(1)Was a member of the corporation at the time of the act or omission complained of or became a member through transfer by operation of law from one who was a member 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) A derivative proceeding may be brought by: (1) Any director; (2) Any member or members having 5 percent or more of the voting power; or (3) Fifty or more members, regardless of voting power. (b) A member may not commence or maintain a derivative proceeding unless the member: (1) Was a member of the corporation at the time of the act or omission complained of or became a member through transfer by operation of law from one who was a member 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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