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Utah Code Title 16. Corporations § 16-16-1301. 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 cooperative association if:

(1) the member demands that the association bring an action to enforce the right; and

(2) any of the following occur:

(a) the association does not, not later than 90 days after the member makes the demand, agree to bring the action;

(b) the association notifies the member that it has rejected the demand;

(c) irreparable harm to the association would result by waiting 90 days after the member makes the demand; or

(d) 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 - Utah Code Title 16. Corporations § 16-16-1301. Derivative action - last updated January 01, 2025 | https://codes.findlaw.com/ut/title-16-corporations/ut-code-sect-16-16-1301/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

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