Illinois Compiled Statutes 805 ILCS 215 Uniform Limited Partnership Act (2001). Section 1002

    (805 ILCS 215/1002)

    Sec. 1002. Derivative action. A partner may maintain a derivative action to enforce a right of a limited partnership if:

        (1) the partner first makes a demand on the general

    partners, requesting that they cause the limited partnership to bring an action to enforce the right, and the general partners do not bring the action within a reasonable time; or

        (2) a demand would be futile.

(Source: P.A. 93-967, eff. 1-1-05.)

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Last modified: February 18, 2015