Derivative action.

  1. Law
  2. Colorado Revised Statutes
  3. Corporations And Associations
  4. Uniform Limited Cooperative Association Act
  5. Derivative action.

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(1) A member may maintain a derivative action to enforce a right of a limited cooperative association if:

  1. The member demands in a record that the association bring an action to enforce theright; and

  2. Any of the following occur:

  1. The association does not, within ninety days after the association receives the demand, agree to bring the action;

  2. The association notifies the member in a record that it has rejected the demand;

  3. Irreparable harm to the association would result by waiting ninety days after theassociation receives the demand; or

  4. The association agrees to bring an action demanded and fails to bring the actionwithin a reasonable time.

Source: L. 2011: Entire article added, (SB 11-191), ch. 197, p. 809, § 1, effective April 2, 2012.


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