Unannotated Code of Maryland (Last Updated: May 16, 2014) |
CORPORATIONS AND ASSOCIATIONS |
TITLE 4A. LIMITED LIABILITY COMPANY ACT |
SUBTITLE 8. DERIVATIVE ACTIONS |
§ 4A-802. Proper plaintiff
Latest version.
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The plaintiff in a derivative action shall:
(1) Be a member at the time the action is brought; and
(2) (i) Have been a member at the time of the transaction of which the plaintiff complains; or
(ii) Had membership status devolve upon the plaintiff by operation of law from a person who was a member at the time of the transaction.