South Dakota Statutes
§ 47-34A-1102 — Derivative action.
A member may maintain a derivative action to enforce a right of a limited liability company if:
(1)The member first makes a demand on the other members in a member-managed limited liability company, or the managers of a manager-managed limited liability company, requesting that they cause the company to bring an action to enforce the right, and the managers or other members do not bring the action within a reasonable time; or (2) A demand under paragraph (1) would be futile.
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South Dakota § 47-34A-1102 (Derivative action.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
SL 1998, ch 272, § 1102; SL 2013, ch 233, § 40.
Nearby Sections
15
§ 47-1-1
Repealed§ 47-1-3
Repealed§ 47-10-1
Purposes of corporations.§ 47-10-10
Incorporators.§ 47-10-11
Directors--Number and term of office.§ 47-10-13
Accumulation of surplus--Use of surplus.§ 47-10-14
Persons authorized to hold common stock.§ 47-10-18
Nonstockholder members--Duty to lend.§ 47-10-2
Powers of corporations.