Vt. Stat. Ann. tit. 11, § 4132
Derivative action
Redline — July 1, 2021 → current.View current text →
Current — June 1, 2022
As of July 1, 2021
A member may maintain a derivative action to enforce a right of a limited liability company if:
A member may maintain a derivative action to enforce a right of a limited liability company if:
(1) 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 other members or the managers do not bring the action within a reasonable time; or
(1) 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 other members or the managers do not bring the action within a reasonable time; or
(2) a demand under subdivision (1) of this section would be futile. Added 2015, No. 17, § 2.
(2) a demand under subdivision (1) of this section would be futile.
Official source: Vermont General Assembly. Reproduced from public-domain Vermont statutes; confirm against the official source for the current text. Not legal advice.