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2018 Vermont Statutes
Title 11 - Corporations, Partnerships and Associations
Chapter 25 - Limited Liability Companies
§ 4133 Proper plaintiff
Universal Citation: 11 V.S.A. § 4133
§ 4133. Proper plaintiff
A derivative action under section 4132 of this title may be maintained only by a person that is a member of the company at the time the action is commenced, and:
(1) was a member when the conduct giving rise to the action occurred; or
(2) whose status as a member devolved on the person by operation of law or pursuant to the terms of the operating agreement from a person that was a member at the time of the transaction. (Added 2015, No. 17, § 2.)
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