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§ 441-1301. Derivative action

Oklahoma Statutes AnnotatedTitle 18. Corporations

Oklahoma Statutes Annotated
Title 18. Corporations (Refs & Annos)
Chapter 10A. Uniform Limited Cooperative Association Act (Refs & Annos)
Article 13. Action by Member
18 Okl.St.Ann. § 441-1301
§ 441-1301. Derivative action
Currentness
DERIVATIVE ACTION. A member may maintain a derivative action to enforce a right of a limited cooperative association if:
(1) The member demands that the association bring an action to enforce the right; and
(2) Any of the following occur:
(A) the association does not, within ninety (90) days after the member makes the demand, agree to bring the action;
(B) the association notifies the member that it has rejected the demand;
(C) irreparable harm to the association would result by waiting ninety (90) days after the member makes the demand; or
(D) the association agrees to bring an action demanded and fails to bring the action within a reasonable time.

Credits

Laws 2009, c. 68, § 117, eff. Jan. 1, 2010.
18 Okl. St. Ann. § 441-1301, OK ST T. 18 § 441-1301
Current with emergency effective legislation through Chapter 257 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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