47-16-35. Actions by stockholders or members--Allegations respecting ownership.
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/sd/title-47/chapter-47-16/47-16-35A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
No action may be instituted or maintained in the right of any association by a member or stockholder unless he alleges in his complaint that he was a member or registered stockholder when any part of the transaction of which he complains took place, or that his stock thereafter devolved upon him by operation of law from a stockholder at such time.