Source: https://vacode.org/13.1-672.1/
Timestamp: 2019-04-20 17:06:11+00:00

Document:
8.1 Derivative Proceedings And Other Shareholder Actions.
4. Fairly and adequately represents the interests of the corporation in enforcing the right of the corporation.
2. Ninety days have expired from the date delivery of the demand was made unless (i) the shareholder has been notified before the expiration of 90 days that the demand has been rejected by the corporation or (ii) irreparable injury to the corporation would result by waiting until the end of the 90-day period.
C. If the corporation commences a review and evaluation of the allegations made in the demand or complaint, the court may stay any derivative proceeding for such period as the court deems appropriate.
1992, c. 802; 2007, c. 165; 2010, c. 782.
If you’re reading this for anything important, you should double-check its accuracy—read § 13.1-672.1 on the official Code of Virginia website.
. . . shareholder bringing a derivative suit under Code § 13.1-672.1 against the majority shareholder of . . .
. . . filed a derivative action pursuant to Code § 13.1-672.1 on behalf of *597 Moneta and all its . . .
. . . derivative suits in equity where appropriate, Code §§ 13.1-672.1 to 13.1-672.5, and provides a . . .
. . . shareholders' derivative suit pursuant to Code §§ 13.1-672.1 et seq., naming Moneta, A.S., . . .
. . . Directors. See Del. Ch. Ct. R. 23.1; Va.Code Ann. § 13.1-672.1 (2006); see also Tooley v. . . .
. . . for shareholder derivative suits. See Code § 13.1-672.1 (shareholder in derivative action must . . .
. . . corporation to take suitable action." Va.Code 13.1-672.1.A-B (emphasis added). Thus, to maintain a . . .
. . . derivative capacity, see, for example, Va.Code Ann. § 13.1-672.1, closely-held corporations raise a . . .
. . . omission complained of." Va.Code Ann. § 13.1-672.1 (Supp.2007). The shareholder must "[f]airly . . .

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