Illinois § 40-5 Proper plaintiff

Illinois Statutes

§ 40-5 — Proper plaintiff

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 in the right of a limited liability company by a member or transferee who is a substituted member, unless (i) the plaintiff was a member or is a transferee who was a substituted member at the time of the transaction of which the person complains or (ii) the person's status as a member or a transferee who is a substituted member had devolved upon him or her by operation of law or under the terms of the operating agreement from a person who was a member or a transferee who was a substituted member at the time of the transaction.

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No action shall be brought in the right of a limited liability company by a member or transferee who is a substituted member, unless (i) the plaintiff was a member or is a transferee who was a substituted member at the time of the transaction of which the person complains or (ii) the person's status as a member or a transferee who is a substituted member had devolved upon him or her by operation of law or under the terms of the operating agreement from a person who was a member or a transferee who was a substituted member at the time of the transaction.

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