01. Derivative action. A member may maintain a derivative action in the Superior Court to enforce a right of a limited cooperative association if: (1) The member demands that the association bring an action to enforce the right; and (2) Any of the following occur: (A) The association does not, within 90 days after the member makes the demand, agree to bring the action; (B) The association notifies the member that it has rejected the demand; (C) Irreparable harm to the association would result by waiting 90 days after the member makes the demand; (D) The association agrees to bring an action demanded and fails to bring the action within a reasonable time; or (E) A demand under paragraph (1) of this subsection would be futile. (July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720; Mar. 5, 2013, D.C. Law 19-210, § 2(j)(9)(A), 59 DCR 13171.) Section References This section is referenced in § 29-1013.03. Effect of Amendments The 2013 amendment by D.C. Law 19-210 added (2)(E) and made related changes. Editor's Notes Uniform Law: This section is based on § 1301 of the Uniform Limited Cooperative Association Act. Application of Law 19-210: Section 7 of D.C. 210 added (2)(E) and made related changes. Editor's Notes Uniform Law: This section is based on § 1301 of the Uniform Limited Cooperative Association Act. Application of Law 19-210: Section 7 of D.C. Law 19-210 provided that the act shall apply as of January 1, 2012.
District of Columbia Legal Code