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N.J. Stat. Ann. § 42:2C-68

Derivative action

Known as the Uniform Partnership Act

The act spans §§ 42:1A-1 to 42:6-9 (286 sections).

L.2012, c.50, s.68.

68. Derivative Action. A member may maintain a derivative action to enforce a right of a limited liability company if:

a. the member first makes a demand on the other members in a member-managed limited liability company, or the managers of a manager-managed limited liability company, requesting that they cause the company to bring an action to enforce the right, and the managers or other members do not bring the action within a reasonable time; or

b. A demand under subsection a. of this section would be futile.

Current official text: New Jersey Legislature. Digitized from the New Jersey Legislature bulk statutes download. Reproduced from public-domain New Jersey statutes; confirm against the official source for the current text. Not legal advice.