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Searching 2019-2020 Session

The Vermont Statutes Online

 

Title 11 : Corporations, Partnerships and Associations

Chapter 025 : LIMITED LIABILITY COMPANIES

Subchapter 009 : ACTIONS BY MEMBERS

(Cite as: 11 V.S.A. § 4132)
  • § 4132. Derivative action

    A member may maintain a derivative action to enforce a right of a limited liability company if:

    (1) the member first makes a demand on the other members in a member-managed limited liability company, or the managers of a manager-managed limited liability company, requesting that they cause the company to bring an action to enforce the right, and the other members or the managers do not bring the action within a reasonable time; or

    (2) a demand under subdivision (1) of this section would be futile. (Added 2015, No. 17, § 2.)