§751. Definitions As used in this subchapter, unless the context otherwise indicates, the following terms have the following meanings. [PL 2001, c. 640, Pt. A, §2 (NEW); PL 2001, c. 640, Pt. B, §7 (AFF).] 1. Derivative proceeding. “Derivative proceeding” means a civil suit in the right of a domestic corporation or, to the […]
§752. Standing A shareholder may not commence or maintain a derivative proceeding unless the shareholder: [PL 2001, c. 640, Pt. A, §2 (NEW); PL 2001, c. 640, Pt. B, §7 (AFF).] 1. Shareholder at time of act or omission. Was a shareholder of the corporation at the time of the act or omission complained […]
§753. Demand A shareholder may not commence a derivative proceeding until: [PL 2001, c. 640, Pt. A, §2 (NEW); PL 2001, c. 640, Pt. B, §7 (AFF).] 1. Written demand. A written demand has been made upon the corporation to take suitable action; and [PL 2001, c. 640, Pt. A, §2 (NEW); PL […]
§754. Stay of proceedings If the corporation commences an inquiry into the allegations made in the complaint or demand under section 753, the court may stay any derivative proceeding for such period as the court considers appropriate. [PL 2001, c. 640, Pt. A, §2 (NEW); PL 2001, c. 640, Pt. B, §7 (AFF).] SECTION […]
§755. Dismissal 1. Dismissal of proceeding. The court, on motion by the corporation, shall dismiss a derivative proceeding if one of the groups specified in paragraphs A to C determines, in good faith, after conducting a reasonable inquiry upon which its conclusions are based, that the maintenance of the derivative proceeding is not in the […]
§756. Discontinuance or settlement A derivative proceeding may not be discontinued or settled without the court’s approval. If the court determines that a proposed discontinuance or settlement will substantially affect the interests of the corporation’s shareholders or a class of shareholders, the court shall direct that notice be given to the shareholders affected. [PL […]
§757. Payment of expenses On termination of the derivative proceeding the court may: [PL 2001, c. 640, Pt. A, §2 (NEW); PL 2001, c. 640, Pt. B, §7 (AFF).] 1. Corporation to pay plaintiff’s expenses. Order the corporation to pay the plaintiff’s expenses incurred in the proceeding if it finds that the proceeding has […]
§758. Applicability to foreign corporations In any derivative proceeding in the right of a foreign corporation, the matters covered by this subchapter, except for sections 754, 756 and 757, are governed by the laws of the jurisdiction of incorporation of the foreign corporation. [PL 2001, c. 640, Pt. A, §2 (NEW); PL 2001, c. […]
