(1) A derivative action to enforce a right of a limited cooperative association may be maintained only by a person that:
(a) Is a member or a dissociated member at the time the action is commenced and:
Was a member when the conduct giving rise to the action occurred; or
Whose status as a member devolved upon the person by operation of law or thearticles or bylaws from a person that was a member at the time of the conduct; and (b) Adequately represents the interests of the association.
(2) If the sole plaintiff in a derivative action dies while the action is pending, the court may permit another member who meets the requirements of subsection (1) of this section to be substituted as plaintiff.
Source: L. 2011: Entire article added, (SB 11-191), ch. 197, p. 809, § 1, effective April 2, 2012.