50-73.62 - Right of action. - Virginia Statutes

§ 50-73.62. Right of action.

A limited partner may bring an action in the right of a limited partnershipto recover a judgment in its favor to the same extent that a stockholder maybring an action for a derivative suit under the Stock Corporation Act,Chapter 9 (§ 13.1-601 et seq.) of Title 13.1. Such action may be brought ifgeneral partners with authority to do so have refused to bring the action orif an effort to cause those general partners 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 limited partners and the partnership in enforcing the right of thepartnership.

(1985, c. 607.)