N.C. Gen. Stat. § 55-7-41
Standing
Redline — June 1, 2021 → current.View current text →
Current — April 1, 2022
As of June 1, 2021
A shareholder may not commence or maintain a derivative proceeding unless the shareholder:
A shareholder may not commence or maintain a derivative proceeding unless the shareholder:
(1) Was a shareholder of the corporation at the time of the act or omission complained of or became a shareholder through transfer by operation of law from one who was a shareholder at that time; and
(1) Was a shareholder of the corporation at the time of the act or omission complained of or became a shareholder through transfer by operation of law from one who was a shareholder at that time; and
(2) Fairly and adequately represents the interests of the corporation in enforcing the right of the corporation.
(2) Fairly and adequately represents the interests of the corporation in enforcing the right of the corporation.
History
(1995, c. 149, s. 1.)
Legal Periodicals. - For recent development, "In re Wachovia Shareholders Litigation: The Case for the Common Benefit Doctrine," see 84 N.C. L. Rev. 2066 (2006).
Official source: North Carolina General Assembly. Reproduced from public-domain North Carolina statutes; confirm against the official source for the current text. Not legal advice.