2016 Colorado Revised Statutes
Title 7 - Corporations and Associations
Limited Liability Companies
Article 80 - Limited Liability Companies
Part 7 - Members
§ 7-80-714. Derivative proceeding - demand
(1) No member shall commence a derivative proceeding pursuant to this part 7 unless:
(a) A written demand has been made upon the limited liability company to take suitable action; and
(b) Thirty days have expired from the date the demand was made; except that the thirty-day limitation shall not be required where:
(I) The member has been notified prior to the expiration of the thirty-day period that the demand has been rejected by the limited liability company; or
(II) Irreparable injury to the limited liability company would result from waiting for the expiration of the thirty-day period.
Disclaimer: These codes may not be the most recent version. Colorado may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
