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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. § 4133)
  • § 4133. Proper plaintiff

    A derivative action under section 4132 of this title may be maintained only by a person that is a member of the company at the time the action is commenced, and:

    (1) was a member when the conduct giving rise to the action occurred; or

    (2) whose status as a member devolved on the person by operation of law or pursuant to the terms of the operating agreement from a person that was a member at the time of the transaction. (Added 2015, No. 17, § 2.)