13.1-1042 - Right of action. - Virginia Statutes

§ 13.1-1042. Right of action.

A member may bring an action in the right of a limited liability company torecover a judgment in its favor to the same extent that a shareholder maybring an action for a derivative suit under the Stock Corporation Act,Chapter 9 (§ 13.1-601 et seq.) of this title. Such action may be brought ifmembers or managers with authority to do so have refused to bring the actionor if an effort to cause those members or managers to bring the action is notlikely to succeed. The derivative action may not be maintained if it appearsthat the plaintiff does not fairly and adequately represent the interests ofthe members and the limited liability company in enforcing the right of thelimited liability company.

(1991, c. 168.)