Section 10A-5A-9.03 - Standing(a) A member may commence or maintain a derivative action in the right of the limited liability company only if the member:(1) fairly and adequately represents the interests of the limited liability company in enforcing the right of the limited liability company; and(2) either: (A) was a member of the limited liability company at the time of the act or omission of which the member complains; or(B) whose status as a member devolved upon the person by operation of law or pursuant to the terms of the limited liability company agreement from a person who was a member at the time of the act or omission of which the member complains.(b) A member associated with a series of a limited liability company may commence or maintain a derivative action in the right of the series only if the member: (1) fairly and adequately represents the interests of the series in enforcing the right of the series; and(2) either: (A) was associated with the series at the time of the act or omission of which the member complains; or(B) whose status as a member associated with the series devolved upon the person by operation of law or pursuant to the terms of the limited liability company agreement from a person who was a member associated with the series at the time of the act or omission of which the member complains.Ala. Code § 10A-5A-9.03 (1975)
Added by Act 2014-144,§ 1, eff. 1/1/2015.