2005 Illinois Code - 805 ILCS 210/ Revised Uniform Limited Partnership Act. Article 10 - Derivative Actions
(805 ILCS 210/Art. 10 heading)
(Article scheduled to be repealed on January 1, 2008)
ARTICLE 10
Derivative Actions
(Source: P.A. 93‑967, eff. 1‑1‑05. Repealed on 1‑1‑2008 by 805 ILCS 215/1401.)
(805 ILCS 210/1001) (from Ch. 106 1/2, par. 160‑1)
(Section scheduled to be repealed on January 1, 2008)
Sec. 1001.
Right of Action.
No action shall be brought by a limited
partner, or assignee who is entitled to exercise the rights of a partner to
bring an action, in the right of a limited partnership to recover a
judgment in its favor unless general partners with authority to do so have
refused to bring the action or unless an effort to cause those general
partners to bring the action is not likely to succeed.
(Source: P.A. 84‑1412; 93‑967, eff. 1‑1‑05. Repealed on 1‑1‑2008 by 805 ILCS 215/1401.)
(805 ILCS 210/1002) (from Ch. 106 1/2, par. 160‑2)
(Section scheduled to be repealed on January 1, 2008)
Sec. 1002.
Proper Plaintiff.
No action shall be brought by a
partner, or assignee who is entitled to exercise the rights of a partner to
bring an action, in the right of a limited partnership unless, at the time
of bringing the action, the plaintiff
was a partner or assignee who is entitled to exercise the rights of a
partner to bring an action (1) at the
time of the transaction of which he or she complains or (2) his or her
status as a partner or assignee who is entitled to exercise the rights of a
partner to bring an action had devolved upon him or her by operation of law
or pursuant to the terms of the partnership
agreement from a person who was a partner or assignee who was entitled to
exercise the rights of a partner to bring an action at the time of the transaction.
(Source: P.A. 84‑1412; 93‑967, eff. 1‑1‑05. Repealed on 1‑1‑2008 by 805 ILCS 215/1401.)
(805 ILCS 210/1003) (from Ch. 106 1/2, par. 160‑3)
(Section scheduled to be repealed on January 1, 2008)
Sec. 1003.
Pleading.
In a derivative action, the complaint shall set
forth with particularity the effort of the plaintiff to secure initiation
of the action by a general partner or the reasons for not making the effort.
(Source: P.A. 84‑1412; 93‑967, eff. 1‑1‑05. Repealed on 1‑1‑2008 by 805 ILCS 215/1401.)
(805 ILCS 210/1004) (from Ch. 106 1/2, par. 160‑4)
(Section scheduled to be repealed on January 1, 2008)
Sec. 1004.
Expenses.
If a derivative action is successful, in whole
or in part, or if anything is received by the plaintiff as a result of a
judgment, compromise or settlement of an action or claim, the court may
award the plaintiff reasonable expenses, including reasonable attorney's
fees, and shall direct him or her to remit to the limited partnership the
remainder of those proceeds received by him or her.
(Source: P.A. 84‑1412; 93‑967, eff. 1‑1‑05. Repealed on 1‑1‑2008 by 805 ILCS 215/1401.)
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