18 GCA § 171302

Derivative Action

Guam Code AnnotatedTitle 18 — Business Structure and Function

(a)A member may maintain a derivative action to enforce a right of a limited cooperative association if:

(1)the member first makes a demand on the directors requesting that they cause the association to bring an action to enforce the right and the directors do not bring the action within a reasonable time; or

(2)a demand under paragraph

(1)of this Section would be futile. CH. 17 THE GUAM UNIFORM LIMITED COOPERATIVE ASSOCIATION ACT

Reconstructed from the Guam Code Annotated. For the authoritative version, see the official PDF.