Section 181.0742. Derivative proceedings; demand.

Latest version.

No member may commence a derivative proceeding until all of the following occur:

(1) Written demand. A written demand is made upon the corporation to take suitable action.

(2) Expiration of 90-day period. Ninety days expire from the date on which a demand under sub. (1) was made, unless the member is notified before the expiration of the 90 days that the corporation has rejected the demand or unless irreparable injury to the corporation would result by waiting for the expiration of the 90-day period.

1997 a. 79 .

                    
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