Oklahoma § 18-441-1301 Derivative action.

Oklahoma Statutes

§ 18-441-1301 — Derivative action.

Oklahoma·Title 18 Corporations

DERIVATIVE ACTION. A member may maintain a derivative action to enforce a right of a limited cooperative association if:

(1)The member demands that the association bring an action to enforce the right; and (2) Any of the following occur:

(A)the association does not, within ninety (90) days after the member makes the demand, agree to bring the action;

(B)the association notifies the member that it has rejected the demand;

(C)irreparable harm to the association would result by waiting ninety (90) days after the member makes the demand; or (D) the association agrees to bring an action demanded and fails to bring the action within a reasonable time.

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DERIVATIVE ACTION. A member may maintain a derivative action to enforce a right of a limited cooperative association if: (1) The member demands that the association bring an action to enforce the right; and (2) Any of the following occur: (A) the association does not, within ninety (90) days after the member makes the demand, agree to bring the action; (B) the association notifies the member that it has rejected the demand; (C) irreparable harm to the association would result by waiting ninety (90) days after the member makes the demand; or (D) the association agrees to bring an action demanded and fails to bring the action within a reasonable time.

Oklahoma § 18-441-1301 (Derivative action.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.