New Jersey Revised Statutes § 42:2c-68 - Derivative Action.

42:2C-68 Derivative action.

68.Derivative Action. A member may maintain a derivative action to enforce a right of a limited liability company if:

a.the member first makes a demand on the other members in a member-managed limited liability company, or the managers of a manager-managed limited liability company, requesting that they cause the company to bring an action to enforce the right, and the managers or other members do not bring the action within a reasonable time; or

b.A demand under subsection a. of this section would be futile.

L.2012, c.50, s.68.

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Last modified: October 11, 2016