Sec. 493a. A shareholder, member, or director may not commence a derivative proceeding until all of the following have occurred: (a) A written demand is made on the corporation to take suitable action. (b) Ninety days have expired from the date the demand was made unless the shareholder, member, or director is notified that the corporation has rejected the demand or unless irreparable injury to the corporation would result by waiting for the expiration of the 90-day period.
Mich. Comp. Laws § 450.2493a
Derivative proceeding; commencement
Add. 2014, Act 557, Imd
Official source: Michigan Legislature. Reproduced from public-domain Michigan statutes; confirm against the official source for the current text. Not legal advice.