South Dakota Codified Laws 47-34A-1102. Derivative action
Current as of: 2023 | Check for updates
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A member may maintain a derivative action to enforce a right of a limited liability company if:
(1) The member first makes a demand on the other members in a member-managed limited liability company, or the managers of a manager-managed limited liability company, requesting that they cause the company to bring an action to enforce the right, and the managers or other members do not bring the action within a reasonable time; or
Terms Used In South Dakota Codified Laws 47-34A-1102
- Member: means a person that:
(A) Prior to formation of the limited liability company, becomes a member as agreed by that person and the organizer of the limited liability company. See South Dakota Codified Laws 47-34A-101
(2) A demand under paragraph (1) would be futile.
Source: SL 1998, ch 272, § 1102; SL 2013, ch 233, § 40.