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2020 New Jersey Revised Statutes
Title 42 - Partnerships and Partnership Associations
Section 42:2C-68 - Derivative action.
Universal Citation: NJ Rev Stat § 42:2C-68 (2020)
42:2C-68 Derivative action.
68. Derivative Action. A member may maintain a derivative action to enforce a right of a limited liability company if:
a. the member first makes a demand on the other members in a member-managed limited liability company, or the managers of a manager-managed limited liability company, requesting that they cause the company to bring an action to enforce the right, and the managers or other members do not bring the action within a reasonable time; or
b. A demand under subsection a. of this section would be futile.
L.2012, c.50, s.68.
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