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Derivative action

11C V.S.A. § 13-1301
in effect
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1301. Derivative action A member may maintain a derivative action to enforce a right of a mutual benefit enterprise if: (1) the member demands that the enterprise bring an action to enforce the right; and (2) any of the following occur: (A) the enterprise does not, within 90 days after the member makes the demand, agree to bring the action; (B) the enterprise notifies the member that it has rejected the demand; (C) irreparable harm to the enterprise would result by waiting 90 days after the member makes the demand; or (D) the enterprise agrees to bring an action demanded and fails to bring the action within a reasonable time. Added 2011, No. 84 (Adj. Sess.), § 1, eff. April 20, 2012.
Source: Vermont General Assembly (legislature.vermont.gov)URL: https://legislature.vermont.gov/statutes/section/11C/013/01301Fetched: 10/21/2026

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