Sec. 40-1. Right of action.
78 words·~1 min read·
/il/chapter-805/act-180/40-1A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 40-1. Right of action. No action shall be brought by a member, or transferee who is entitled to exercise the rights of a member to bring an action, in the right of a limited liability company to recover a judgment in its favor unless members or managers with authority to do so have refused to bring the action or unless an effort to cause those members or managers to bring the action is not likely to succeed.