79-29-1101 - Proper plaintiff. - Mississippi Statutes

§ 79-29-1101. Proper plaintiff.
 

A member may not commence or maintain a derivative proceeding unless the member: 
 

(a) Was a member of the limited liability company at the time of the act or omission complained of or became a member through transfer by operation of law from one who was a member at that time; and 

(b) Fairly and adequately represents the interests of the limited liability company in enforcing the right of the limited liability company. 
 

Sources: Laws,  1994, ch. 402, § 77, eff from and after July 1, 1994.