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Current as of January 01, 2022 | Updated by FindLaw Staff
(1) No member shall commence a derivative proceeding pursuant to this part 7 unless:
(a) A written demand has been made upon the limited liability company to take suitable action; and
(b) Thirty days have expired from the date the demand was made; except that the thirty-day limitation shall not be required where:
(I) The member has been notified prior to the expiration of the thirty-day period that the demand has been rejected by the limited liability company; or
(II) Irreparable injury to the limited liability company would result from waiting for the expiration of the thirty-day period.
Cite this article: FindLaw.com - Colorado Revised Statutes Title 7. Corporations and Associations § 7-80-714. Derivative proceeding--demand - last updated January 01, 2022 | https://codes.findlaw.com/co/title-7-corporations-and-associations/co-rev-st-sect-7-80-714/
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