There is a newer version
of
this Section
2020 Iowa Code
Title XII - BUSINESS ENTITIES
Chapter 488 - UNIFORM LIMITED PARTNERSHIP ACT
Section 488.1002 - Derivative action.
Universal Citation: IA Code § 488.1002 (2020)
488.1002 Derivative action.
A partner may maintain a derivative action to enforce a right of a limited partnership, but a partner shall not commence such a proceeding until both of the following have occurred:
1. A written demand has been made upon the general partner or partners, requesting that they cause the limited partnership to take suitable action.
2. Ninety days have expired from the date the demand was made, unless the partner has earlier been notified that the demand has been rejected by the general partner or partners or unless irreparable injury to the limited partnership would result by waiting for the expiration of the ninety-day period.
2004 Acts, ch 1021, §85, 118
Disclaimer: These codes may not be the most recent version. Iowa 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.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
