Maine Statutes
§ 31 §1632 — Derivative action
Maine § 31 §1632
This text of Maine § 31 §1632 (Derivative action) is published on Counsel Stack Legal Research, covering Maine primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
Me. Rev. Stat. tit. 31, § 31 §1632 (2026).
Text
A member may maintain a derivative action to enforce a right of a limited liability company if:
1.Demand.
The member first makes a demand on the limited liability company to take suitable action, and the limited liability company does not take suitable action within a reasonable time; or
2.Futility of demand.
A demand under subsection 1 would be futile.
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Legislative History
PL 2009, c. 629, Pt. A, §2 (NEW). PL 2009, c. 629, Pt. A, §3 (AFF). PL 2011, c. 113, Pt. A, §20 (AMD).
Nearby Sections
15
§ 31 §160
Rights of a limited partner§ 31 §160-A
Limited partnership as entity§ 31 §1602
Revocation of dissolution§ 31 §1603
Effect of revocation of dissolution§ 31 §1611
Low-profit limited liability company§ 31 §1621
Governing lawCite This Page — Counsel Stack
Bluebook (online)
Maine § 31 §1632, Counsel Stack Legal Research, https://law.counselstack.com/statute/me/31%20%C2%A71632.