Effective: April 12, 2021
Latest Legislation: Senate Bill 276 - 133rd General Assembly
A member may not commence a derivative action in the right of the limited liability company, or a series thereof, until both of the following occur:
(A) A written demand has been made upon the limited liability company or the series to take suitable action.
(B) Ninety days have expired from the date the demand was made unless either of the following applies:
(1) The member has earlier been notified that the demand has been rejected by the limited liability company or the series;
(2) Irreparable injury to the limited liability company or the series would result by waiting for the expiration of the ninety-day period.