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2018 Mississippi Code
Title 79 - Corporations, Associations, and Partnerships
Chapter 29 - Revised Mississippi Limited Liability Company Act
Article 11 - Derivative Actions.
§ 79-29-1103. Proper plaintiff.
Universal Citation: MS Code § 79-29-1103 (2018)
- In a derivative action, the plaintiff must be a member or an owner of a financial interest at the time of bringing the action and:
(a) At the time of the transaction of which the plaintiff complains; or
(b) The plaintiff’s status as a member or an owner of a financial interest had devolved upon the plaintiff by operation of law or pursuant to the terms of an operating agreement from a person who was a member or an owner of a financial interest at the time of the transaction.
- A plaintiff may not commence or maintain a derivative proceeding unless the plaintiff fairly and adequately represents the interests of the limited liability company in enforcing the right of the limited liability company.
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