(1) A member may maintain a derivative action to enforce a right of a limited cooperative association if: (a) The member demands in a record that the association bring an action to enforce the right; and(b) Any of the following occur: (I) The association does not, within ninety days after the association receives the demand, agree to bring the action;(II) The association notifies the member in a record that it has rejected the demand;(III) Irreparable harm to the association would result by waiting ninety days after the association receives the demand; or(IV) The association agrees to bring an action demanded and fails to bring the action within a reasonable time.L. 2011: Entire article added, (SB 11 -191), ch. 197, p. 809, § 1, effective 4/2/2012.
Colorado Legal Code