Standing

1. Law
2. Georgia Code
3. Corporations, Partnerships, and Associations
4. Nonprofit Corporations
5. Meetings
6. Derivative Proceedings
7. Standing

A derivative proceeding may be brought either by any director or by any member or members having 5 percent or more of the voting power or by 50 members, whichever is less.A director or members may not commence or maintain a derivative proceeding unless the director or members:

1. Was a director or were members of the corporation at the time of the act or omission complained of (or became a member through transfer by operation of law from one who was a member at that time); or is a director or are members at the time the proceeding is commenced; and
2. Fairly and adequately represents the interests of the corporation in enforcing the right of the corporation.

(Code 1981, §14-3-741, enacted by Ga. L. 1991, p. 465, § 1.)

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