Ark. Code § 4-47-1002

Current with legislation from 2024 Fiscal and Special Sessions.

Section 4-47-1002 - Derivative action

A partner may maintain a derivative action to enforce a right of a limited partnership if:

(1) the partner first makes a demand on the general partners, requesting that they cause the limited partnership to bring an action to enforce the right, and the general partners do not bring the action within a reasonable time; or

(2) a demand would be futile.

Ark. Code § 4-47-1002

Acts 2007, No. 15, § 1.