A member may maintain a derivative action in the Superior Court 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, within 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;
(D) The association agrees to bring an action demanded and fails to bring the action within a reasonable time; or
(E) A demand under paragraph (1) of this subsection would be futile.