Section 7-80-714 - Derivative proceeding - demand(1) No member shall commence a derivative proceeding pursuant to this part 7 unless: (a) A written demand has been made upon the limited liability company to take suitable action; and(b) Thirty days have expired from the date the demand was made; except that the thirty-day limitation shall not be required where:(I) The member has been notified prior to the expiration of the thirty-day period that the demand has been rejected by the limited liability company; or(II) Irreparable injury to the limited liability company would result from waiting for the expiration of the thirty-day period.L. 2002: Entire section added, p. 1725, § 160, effective October 1.