Statutes > Idaho Statutes > TITLE 30 CORPORATIONS > CHAPTER 1 GENERAL BUSINESS CORPORATIONS > PART 7. SHAREHOLDERS > 30-1-741 STANDING.

30-1-741 STANDING.

TITLE 30

CORPORATIONS

CHAPTER 1

GENERAL BUSINESS CORPORATIONS

PART 7.

SHAREHOLDERS

30-1-741. Standing. A shareholder may not commence or maintain a derivative proceeding unless the shareholder:

(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 (1) who was a shareholder at that time; and

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