As Amended
SEC. 79-4-7.41. Who may commence or maintain derivative proceeding.
A shareholder may not commence or maintain a derivative proceeding unless the shareholder:
(1) Was a shareholder of the corporation at the time of the act or omission complained of or became a shareholder through transfer by operation of law from one who was a shareholder at that time; and
(2) Fairly and adequately represents the interests of the corporation in enforcing the right of the corporation.
SOURCES: Laws, 1993, ch. 368, Sec. 4, eff from and after July 1, 1993