Vermont Statutes Title 11 Sec. 4132
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Terms Used In Vermont Statutes Title 11 Sec. 4132
- Manager-managed limited liability company: means a limited liability company that qualifies under subsection 4054(a) of this title. See
- Member: means a person that has become a member of a limited liability company under section 4051 of this title and has not dissociated under section 4081 of this title. See
- Member-managed limited liability company: means a limited liability company that is not a manager-managed limited liability company. See
§ 4132. Derivative action
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
(2) a demand under subdivision (1) of this section would be futile. (Added 2015, No. 17, § 2.)