State Codes and Statutes
Statutes > North-carolina > Chapter_55 > GS_55-7-42§55‑7‑42. Demand.
No shareholder may commence aderivative proceeding until:
(1) A written demand hasbeen made upon the corporation to take suitable action; and
(2) 90 days have expiredfrom the date the demand was made unless, prior to the expiration of the 90days, the shareholder was notified that the corporation rejected the demand, orunless irreparable injury to the corporation would result by waiting for theexpiration of the 90‑day period. (1995, c. 149, s. 1.)
