A shareholder may not commence or maintain a derivative proceeding unless the shareholder:(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; and(2) Fairly and adequately represents the interests of the corporation in enforcing the right of the corporation.Laws, 1993, ch. 368, § 4, eff. 7/1/1993.
Mississippi Legal Code