State Codes and Statutes
Statutes > Vermont > Title-11 > Chapter-21 > 3152
§ 3152. Proper plaintiff
In a derivative action for a limited liability company, the plaintiff must be a member of the company when the action is commenced; and:
(1) must have been a member at the time of the transaction of which the plaintiff complains; or
(2) the plaintiff's status as a member must have devolved upon the plaintiff by operation of law or pursuant to the terms of the operating agreement from a person who was a member at the time of the transaction. (Added 1995, No. 179 (Adj. Sess.), § 4.)
