A member may maintain a derivative action in the Superior Court to enforce a right of a limited cooperative association if:
(1) The member demands that the association bring an action to enforce the right; and
(2) Any of the following occur:
(A) The association does not, within 90 days after the member makes the demand, agree to bring the action;
(B) The association notifies the member that it has rejected the demand;
(C) Irreparable harm to the association would result by waiting 90 days after the member makes the demand;
(D) The association agrees to bring an action demanded and fails to bring the action within a reasonable time; or
(E) A demand under paragraph (1) of this subsection would be futile.
(July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720; Mar. 5, 2013, D.C. Law 19-210, § 2(j)(9)(A), 59 DCR 13171.)
Section ReferencesThis section is referenced in § 29-1013.03.
Effect of AmendmentsThe 2013 amendment by D.C. Law 19-210 added (2)(E) and made related changes.
Editor's NotesUniform Law: This section is based on § 1301 of the Uniform Limited Cooperative Association Act.
Application of Law 19-210: Section 7 of D.C. Law 19-210 provided that the act shall apply as of January 1, 2012.