55-7-42. Demand.
No shareholder may commence a derivative proceeding until:
(1) A written demand has been made upon the corporation to take suitable action; and
(2) 90 days have expired from the date the demand was made unless, prior to the expiration of the 90 days, the shareholder was notified that the corporation rejected the demand, or unless irreparable injury to the corporation would result by waiting for the expiration of the 90-day period. (1995, c. 149, s. 1.)
Structure North Carolina General Statutes
North Carolina General Statutes
Chapter 55 - North Carolina Business Corporation Act
§ 55-7-03 - Court-ordered meeting.
§ 55-7-04 - Action without meeting.
§ 55-7-05 - Notice of meeting.
§ 55-7-09 - Remote participation in meetings; meetings held solely by remote participation.
§ 55-7-20 - Shareholders' list for meeting.
§ 55-7-21 - Voting entitlement of shares.
§ 55-7-21.1 - Rights of holders of debt securities.
§ 55-7-23 - Shares held by nominees.
§ 55-7-24 - Corporation's acceptance of votes.
§ 55-7-25 - Quorum and voting requirements for voting groups.
§ 55-7-26 - Action by single and multiple voting groups.
§ 55-7-27 - Greater quorum or voting requirements.
§ 55-7-28 - Voting for directors; cumulative voting.
§ 55-7-31 - Shareholders' agreements.
§ 55-7-40 - Shareholders' derivative actions.
§ 55-7-43 - Stay of proceedings.
§ 55-7-45 - Discontinuance or settlement.
§ 55-7-46 - Payment of expenses.
§ 55-7-47 - Applicability to foreign corporations.
§ 55-7-48 - Suits against directors of public corporations.