Colorado § 7-58-1301 - Derivative action.
Full text of Colorado Colorado Revised Statutes § 7-58-1301 — Derivative action., with citation guidance and answers to common questions.
§ 7-58-1301. Derivative action.
(1) A member may maintain a derivative action to enforce a right of a limited cooperative association if:
(a) The member demands in a record that the association bring an action to enforce the right; and
(b) Any of the following occur:
(I) The association does not, within ninety days after the association receives the demand, agree to bring the action;
(II) The association notifies the member in a record that it has rejected the demand;
(III) Irreparable harm to the association would result by waiting ninety days after the association receives the demand; or
(IV) The association agrees to bring an action demanded and fails to bring the action within a reasonable time.
Source: L. 2011: Entire article added, (SB 11-191), ch. 197, p. 809, § 1, effective April 2, 2012.
Frequently Asked Questions About Colorado § 7-58-1301
What does Colorado Revised Statutes § 7-58-1301 cover?
Section 7-58-1301 ("Derivative action.") is part of the Colorado Revised Statutes, the codified statutory law of Colorado. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Colorado § 7-58-1301?
A common citation format is "Colorado Revised Statutes § 7-58-1301" (Colorado). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Colorado law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Colorado official source linked on this page or consult a licensed Colorado attorney.
How does Colorado § 7-58-1301 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Colorado can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Colorado.