Arizona Laws 10-742. Demand
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No shareholder may commence a derivative proceeding until both:
Terms Used In Arizona Laws 10-742
- Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Proceeding: includes a civil suit and a criminal, administrative and investigatory action. See Arizona Laws 10-140
- Shareholder: includes a beneficial owner whose shares are held in a voting trust or are held by a nominee on the beneficial owner's behalf. See Arizona Laws 10-740
- Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
- written: includes blockchain technology as defined in section 44-7061. See Arizona Laws 10-140
1. A written demand has been made on the corporation to take suitable action.
2. Ninety days have expired from the date the demand was made unless the shareholder has earlier been notified that the demand has been rejected by the corporation or unless the statute of limitations will expire within the ninety days or unless irreparable injury to the corporation would result by waiting for the expiration of the ninety day period.