2012 Revised Code of Washington
Title 23B - WASHINGTON BUSINESS CORPORATION ACT
23B.25 Social purpose corporations.
23B.25.080 Instituting or maintaining proceedings -- Shareholders only.
RCW 23B.25.080 Instituting or maintaining proceedings — Shareholders only.
(1) No proceeding may be instituted or maintained in the right of any social purpose corporation under this title by any party other than a shareholder of the social purpose corporation.
(2) A person may not commence a proceeding in the right of a social purpose corporation unless the person was a shareholder of the corporation when the transaction complained of occurred or unless the person became a shareholder through transfer by operation of law from one who was a shareholder at that time.
(3) Any proceeding instituted or maintained in the right of a social purpose corporation must comply with the procedure set forth in RCW 23B.07.400.
[2012 c 215 § 9.]
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