Title 14, Chapter 3, Section 741
( 14-3-741)
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. |