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Colorado Revised Statutes Title 7. Corporations and Associations § 7-58-1301. Derivative action

Current as of January 01, 2025 | Updated by Findlaw Staff

(1) A member may maintain a derivative action to enforce a right of a limited cooperative association if:

(a) The member demands in a record that the association bring an action to enforce the right; and

(b) Any of the following occur:

(I) The association does not, within ninety days after the association receives the demand, agree to bring the action;

(II) The association notifies the member in a record that it has rejected the demand;

(III) Irreparable harm to the association would result by waiting ninety days after the association receives the demand; or

(IV) The association agrees to bring an action demanded and fails to bring the action within a reasonable time.

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Cite this article: FindLaw.com - Colorado Revised Statutes Title 7. Corporations and Associations § 7-58-1301. Derivative action - last updated January 01, 2025 | https://codes.findlaw.com/co/title-7-corporations-and-associations/co-rev-st-sect-7-58-1301/

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