§ 4A-801. Scope and conditions of derivative actions
West's Annotated Code of MarylandCorporations and AssociationsEffective: October 1, 2012
Effective: October 1, 2012
MD Code, Corporations and Associations, § 4A-801
§ 4A-801. Scope and conditions of derivative actions
(a) A person described in § 4A-802 of this subtitle may bring a derivative action to enforce a right of a limited liability company to recover a judgment in its favor to the same extent that a stockholder may bring an action for a derivative suit under the corporation law1 of Maryland.
(b) An action under this subtitle may be brought if members with authority to bring the action have refused to bring the action or if an effort to cause those members to bring the action is not likely to succeed.
Credits
Added by Acts 1992, c. 536. Amended by Acts 2012, c. 599, § 1, eff. Oct. 1, 2012; Acts 2012, c. 600, § 1, eff. Oct. 1, 2012; Acts 2014, c. 45, § 5.
Footnotes
Corporations and Associations, § 1-101 et seq.
MD Code, Corporations and Associations, § 4A-801, MD CORP & ASSNS § 4A-801
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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