Ark. Code § 4-38-803

Current with legislation from 2024 effective through May 3, 2024.

Section 4-38-803 - Proper plaintiff

A derivative action to enforce a right of a limited liability company may be maintained only by a person that is a member at the time the action is commenced and:

(1) was a member when the conduct giving rise to the action occurred; or

(2) whose status as a member devolved on the person by operation of law or pursuant to the terms of the operating agreement from a person that was a member at the time of the conduct.

Ark. Code § 4-38-803

Added by Act 2021, No. 1041,§ 26, eff. 7/28/2021.