Derivative action A member may maintain a derivative action to enforce a right of a mutual benefit enterprise if: (1) the member demands that the enterprise bring an action to enforce the right; and(2) any of the following occur:(A) the enterprise does not, within 90 days after the member makes the demand, agree to bring the action; (B) the enterprise notifies the member that it has rejected the demand;(C) irreparable harm to the enterprise would result by waiting 90 days after the member makes the demand; or (D) the enterprise agrees to bring an action demanded and fails to bring the action within a reasonable time. (Added 2011, No. 84 (Adj. Sess.), § 1, eff. April 20, 2012.)
Vermont Legal Code