Kentucky Statutes 272A.13-010 – Derivative actions
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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.
Effective: July 12, 2012
History: Created 2012 Ky. Acts ch. 160, sec. 99, effective July 12, 2012.
(1) The member demands that the association bring an action to enforce the right; and
Terms Used In Kentucky Statutes 272A.13-010
- Action: includes all proceedings in any court of this state. See Kentucky Statutes 446.010
- Cooperative: means a limited cooperative association or an entity organized under any cooperative law of any jurisdiction. See Kentucky Statutes 272A.1-020
- Member: means a person that is admitted as a patron member or investor member, or both, in a limited cooperative association. See Kentucky Statutes 272A.1-020
(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.
Effective: July 12, 2012
History: Created 2012 Ky. Acts ch. 160, sec. 99, effective July 12, 2012.