Michigan Compiled Laws
Article 5 - (450.4501...450.4515)
Section 450.4511 - Investigation of Allegations; Stay of Derivative Proceeding.

Sec. 511.
If the limited liability company commences an investigation of the allegations made in the demand or complaint, the court may stay any derivative proceeding for a period as the court considers appropriate.
History: 1993, Act 23, Eff. June 1, 1993

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Structure Michigan Compiled Laws

Michigan Compiled Laws

Chapter 450 - Corporations

Act 23 of 1993 - Michigan Limited Liability Company Act (450.4101 - 450.5200)

Article 5 - (450.4501...450.4515)

Section 450.4501 - Members; Admission; Liability for Acts, Debts, or Obligations.

Section 450.4502 - Members; Voting Rights.

Section 450.4503 - Members; Obtaining Certain Financial Statements and Tax Returns; Inspecting and Copying Records; Obtaining Other Information; Formal Accounting of Company's Affairs.

Section 450.4504 - Membership Interest as Personal Property.

Section 450.4505 - Membership Interest; Assignment; Liability of Assignee; Assignor as Member; Liability of Assignor Not Released.

Section 450.4506 - Assignee of Membership Interest; Conditions for Membership; Rights and Powers; Liability for Obligations of Assignor.

Section 450.4507 - Charging Membership Interest With Payment of Judgment; Rights of Judgment Creditor; Rights and Powers of Member; Charging Order as Lien on Membership Interest; Section as Exclusive Remedy.

Section 450.4508 - Encumbrance Against Membership Interest; Effect.

Section 450.4509 - Withdrawal of Member; Distribution; Expulsion.

Section 450.4510 - Commencement and Maintenance of Civil Suit by Company; Conditions.

Section 450.4511 - Investigation of Allegations; Stay of Derivative Proceeding.

Section 450.4512 - Dismissal of Derivative Proceeding; Findings; Burden of Proof; Determination; “Disinterested” Defined.

Section 450.4513 - Discontinued or Settled Derivative Proceeding; Court Approval Required; Notice; Expense.

Section 450.4514 - Termination of Derivative Proceeding; Court Order.

Section 450.4515 - Action in Circuit Court; Grounds; Order or Grant of Relief; “Willfully Unfair and Oppressive Conduct” Defined.