2015 Vermont Statutes
Title 11 - Corporations, Partnerships and Associations
Chapter 25 - Limited Liability Companies
Subchapter 9: ACTIONS BY MEMBERS
§ 4132 Derivative action

11 V.S.A. § 4132 What's This?

§ 4132. Derivative action

A member may maintain a derivative action to enforce a right of a limited liability company if:

(1) 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 other members or the managers do not bring the action within a reasonable time; or

(2) a demand under subdivision (1) of this section would be futile. (Added 2015, No. 17, § 2.)

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