(a) An action may not be instituted or maintained in the right of a cooperative by a member or shareholder unless that person
(1) alleges in the complaint that the person was a member or shareholder of record when a part of the transaction of which the person complains took place, or that membership or stock afterwards devolved on the person by operation of law from a person who was a member or shareholder at that time;
(2) alleges in the complaint with particularity efforts of the person to secure from the board the action desired, that the person has either informed the cooperative or board in writing of the ultimate facts of each cause of action against each director or that the person has delivered to the cooperative or board a copy of the complaint that the person proposes to file, and states the reasons for failure of the person to obtain action or the reasons for not making the effort;
(3) files a complaint in the action within 20 days after notification given to the cooperative or board as provided by (2) of this subsection.
(b) The action may not be dismissed or compromised without the approval of the court.
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