In a derivative action for a limited liability company, the plaintiff must be a member of the company when the action is commenced; and
(1) must have been a member at the time of the transaction of which the plaintiff complains; or
(2) the plaintiff's status as a member must have devolved upon the plaintiff by operation of law or pursuant to the terms of the operating agreement from a person who was a member at the time of the transaction.
HISTORY: 1996 Act No. 343, Section 2.