S.D. Codified Laws § 47-34A-1102

Current through the 2024 Legislative Session

Section 47-34A-1102 - Derivative action

A member may maintain a derivative action to enforce a right of a limited liability company if:

(1) The member first makes a demand on the other members in a member-managed limited liability company, or the managers of a manager-managed limited liability company, requesting that they cause the company to bring an action to enforce the right, and the managers or other members do not bring the action within a reasonable time; or

(2) A demand under paragraph (1) would be futile.

SDCL 47-34A-1102

SL 1998, ch 272, §1102; SL 2013, ch 233, §40.