A shareholder may not commence or maintain a derivative proceeding unless the shareholder:
(1) Was a shareholder of the corporation at the time of the act or omission complained of or became a shareholder through transfer by operation of law from one who was a shareholder at that time; and
(2) Fairly and adequately represents the interests of the corporation in enforcing the right of the corporation.
Section: 14-2-740 14-2-741 14-2-742 14-2-743 14-2-744 14-2-745 14-2-746 14-2-747 NextLast modified: October 14, 2016