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Code · Illinois · Chapter 805 — BUSINESS ORGANIZATIONS · Act 215

Sec. 1002. Derivative action.

66 words·~1 min read·/il/chapter-805/act-215/1002

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Sec. 1002. Derivative action. A partner may maintain a derivative action to enforce a right of a limited partnership if:
(1)the partner first makes a demand on the general partners, requesting that they cause
the limited partnership to bring an action to enforce the right, and the general partners do not bring the action within a reasonable time; or
(2)a demand would be futile.
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