Ariz. Rev. Stat. § 10-741

Current through L. 2024, ch. 259

Section 10-741 - Standing

A shareholder may not commence or maintain a derivative proceeding unless the shareholder both:

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.

2. Fairly and adequately represents the interests of the corporation in enforcing the right of the corporation.

A.R.S. § 10-741