21-276. Standing.
69 words·~1 min read·
/ne/chapter-21/21-276A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(MBCA 7.41) A shareholder may not commence or maintain a derivative proceeding unless the shareholder:
(1)Was a shareholder of the corporation at the time of the act or omission complained of or became a shareholder through transfer by operation of law from one who was a shareholder at that time; and
(2)Fairly and adequately represents the interests of the corporation in enforcing the right of the corporation.