Vt. Stat. Ann. tit. 11, § 4133
Proper plaintiff
Redline — July 1, 2021 → current.View current text →
Current — June 1, 2022
As of July 1, 2021
A derivative action under section 4132 of this title may be maintained only by a person that is a member of the company at the time the action is commenced, and:
A derivative action under section 4132 of this title may be maintained only by a person that is a member of the company at the time the action is commenced, and:
(1) was a member when the conduct giving rise to the action occurred; or
(1) was a member when the conduct giving rise to the action occurred; or
(2) whose status as a member devolved on the person by operation of law or pursuant to the terms of the operating agreement from a person that was a member at the time of the transaction. Added 2015, No. 17, § 2.
(2) whose status as a member devolved on the person by operation of law or pursuant to the terms of the operating agreement from a person that was a member at the time of the transaction.
Official source: Vermont General Assembly. Reproduced from public-domain Vermont statutes; confirm against the official source for the current text. Not legal advice.