31 §733. Proper plaintiff (WHOLE SECTION TEXT EFFECTIVE UNTIL 7/1/11) - Maine Statutes

Title 31: PARTNERSHIPS AND ASSOCIATIONS

Chapter 13: LIMITED LIABILITY COMPANIES

Subchapter 11: SUITS BY AND AGAINST THE LIMITED LIABILITY COMPANY

§733. Proper plaintiff

(CONTAINS TEXT WITH VARYING EFFECTIVE DATES)

(WHOLE SECTION TEXT EFFECTIVE UNTIL 7/1/11)

In a derivative action, the plaintiff must: [1993, c. 718, Pt. A, §1 (NEW).]

1. At time of action. Be a member at the time the action is brought; and

[ 1993, c. 718, Pt. A, §1 (NEW) .]

2. At time of transaction. Either:

A. Have been a member at the time of the transaction to which the action relates; or [1993, c. 718, Pt. A, §1 (NEW).]

B. Have acquired the status of member by operation of law or pursuant to the terms of the operating agreement or the articles of organization from a person who was a member at the time of the transaction. [1993, c. 718, Pt. A, §1 (NEW).]

[ 1993, c. 718, Pt. A, §1 (NEW) .]

SECTION HISTORY

1993, c. 718, §A1 (NEW). 2009, c. 629, Pt. A, §1 (RP). 2009, c. 629, Pt. A, §3 (AFF).