14-3-741. Standing.

Code 1981, § 14-3-741, enacted by Ga. L. 1991, p. 465, § 1; Ga. L. 2023, p. 419, § 1-1/SB 148, effective July 1, 2023; Ga. L. 2024, p. 1052, § 6(3)/SB 448, effective July 1, 2024.

The 2023 amendment, effective July 1, 2023, rewrote this Code section, which previously read: “A derivative proceeding may be brought either by any director or by any member or members having 5 percent or more of the voting power or by 50 members, whichever is less. A director or members may not commence or maintain a derivative proceeding unless the director or members: “(1) Was a director or were members of the corporation at the time of the act or omission complained of (or became a member through transfer by operation of law from one who was a member at that time); or is a director or are members at the time the proceeding is commenced; and “(2) Fairly and adequately represents the interests of the corporation in enforcing the right of the corporation.” The 2024 amendment, effective July 1, 2024, part of an Act to revise, modernize, and correct the Code, deleted “or” from the end of paragraph (a)(1).

For article with annual survey on business associations, see 73 Mercer L. Rev. 29 (2021).