Illinois Statutes
§ 40-1 — Right of action
Illinois·Topic BUSINESS AND EMPLOYMENT·Ch. 805 BUSINESS ORGANIZATIONS·Act 805 ILCS 180/ Limited Liability Company Act.·Art. Article 40 - Derivative Actions
No action shall be brought by a member, or transferee who is entitled to exercise the rights of a member to bring an action, in the right of a limited liability company to recover a judgment in its favor unless members or managers with authority to do so have refused to bring the action or unless an effort to cause those members or managers to bring the action is not likely to succeed.
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Legislative History
(Source: P.A. 90-424, eff. 1-1-98.)
Nearby Sections
13
§ 40
§ 40§ 40-1
Right of action§ 40-10
Pleading§ 40-15
Expenses§ 40-5
Proper plaintiff§ 406
§ 406§ 407
§ 407