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Maine Revised Statutes Title 31. Partnerships and Associations § 1632. Derivative action

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

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

1. Demand. The member first makes a demand on the limited liability company to take suitable action, and the limited liability company does not take suitable action within a reasonable time; or

2. Futility of demand. A demand under subsection 1 would be futile.

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Cite this article: FindLaw.com - Maine Revised Statutes Title 31. Partnerships and Associations § 1632. Derivative action - last updated January 01, 2025 | https://codes.findlaw.com/me/title-31-partnerships-and-associations/me-rev-st-tit-31-sect-1632/

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