10-741. Standing A shareholder may not commence or maintain a derivative proceeding unless the shareholder both: 1. Was a shareholder of the corporation at the time of the act or omission complained of or became a shareholder through transfer by operation of law from one who was a shareholder at that time. 2. Fairly and adequately represents the interests of the corporation in enforcing the right of the corporation.
Arizona Legal Code
§ 10.741
Source: https://www.azleg.gov/ars/10/00741.htm· Version 2026