Utah § 16-16-1301 Derivative action.

Utah Statutes

§ 16-16-1301 — Derivative action.

Utah·Title 16 Corporations·Ch. 16-16 Uniform Limited Cooperative Association Act·Part 16-16-13 Action by Member

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:

(2)(a) the association does not, not later than 90 days after the member makes the demand, agree to bring the action;

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

(2)(c) irreparable harm to the association would result by waiting 90 days after the member makes the demand; or

(2)(d) the association agrees to bring an action demanded and fails to bring the action within a reasonable time.

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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:

(2)(a) the association does not, not later than 90 days after the member makes the demand, agree to bring the action;
(2)(b) the association notifies the member that it has rejected the demand;
(2)(c) irreparable harm to the association would result by waiting 90 days after the member makes the demand; or
(2)(d) the association agrees to bring an action demanded and fails to bring the action within a reasonable time.

Utah § 16-16-1301 (Derivative action.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.