A member may maintain a derivative action to enforce a right of a limited cooperative association if:

1. (1) The member demands that the association bring an action to enforce the right; and

2. (2) Any of the following occur:

   1. (A) the association does not, within ninety (90) days after the member makes the demand, agree to bring the action;
   2. (B) the association notifies the member that it has rejected the demand;
   3. (C) irreparable harm to the association would result by waiting ninety (90) days after the member makes the demand; or

   4. (D) the association agrees to bring an action demanded and fails to bring the action within a reasonable time.

      Historical Data Laws 2009, HB 2148, c. 68, § 117, eff. January 1, 2010.