§ 55-7-41. Standing. - North Carolina Statutes

§ 55‑7‑41. Standing.

A shareholder may not commenceor maintain a derivative proceeding unless the shareholder:

(1)        Was a shareholder ofthe corporation at the time of the act or omission complained of or became ashareholder through transfer by operation of law from one who was a shareholderat that time; and

(2)        Fairly andadequately represents the interests of the corporation in enforcing the rightof the corporation. (1995, c. 149, s. 1.)