Maine Statutes
§ 31 §1632 — Derivative action
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 law