Sec. 40-5. Proper plaintiff.
109 words·~1 min read·
/il/chapter-805/act-180/40-5A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 40-5. Proper plaintiff. No action shall be brought in the right of a limited liability company by a member or transferee who is a substituted member, unless
(i)the plaintiff was a member or is a transferee who was a substituted member at the time of the transaction of which the person complains or
(ii)the person's status as a member or a transferee who is a substituted member had devolved upon him or her by operation of law or under the terms of the operating agreement from a person who was a member or a transferee who was a substituted member at the time of the transaction.