Vermont § 1301 Derivative action

Vermont Statutes

§ 1301 — Derivative action

Vermont·Title 11C Title 11C: Mutual Benefit Enterprises·Ch. 13 Article 013: Action by Member

A member may maintain a derivative action to enforce a right of a mutual benefit enterprise if:

(1)the member demands that the enterprise bring an action to enforce the right; and

(2)any of the following occur:

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

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

(C)irreparable harm to the enterprise would result by waiting 90 days after the member makes the demand; or

(D)the enterprise agrees to bring an action demanded and fails to bring the action within a reasonable time. (Added 2011, No. 84 (Adj. Sess.), § 1, eff. April 20, 2012.)

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A member may maintain a derivative action to enforce a right of a mutual benefit enterprise if:
(1) the member demands that the enterprise bring an action to enforce the right; and
(2) any of the following occur:
(A) the enterprise does not, within 90 days after the member makes the demand, agree to bring the action;
(B) the enterprise notifies the member that it has rejected the demand;
(C) irreparable harm to the enterprise would result by waiting 90 days after the member makes the demand; or
(D) the enterprise agrees to bring an action demanded and fails to bring the action within a reasonable time. (Added 2011, No. 84 (Adj. Sess.), § 1, eff. April 20, 2012.)

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