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, within ninety (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 ninety (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.