North Carolina § 55-7-42 - Demand.
Full text of North Carolina North Carolina General Statutes § 55-7-42 — Demand., with citation guidance and answers to common questions.
§ 55-7-42. Demand.
No shareholder may commence a derivative proceeding until: A written demand has been made upon the corporation to take suitable action; and 90 days have expired from the date the demand was made unless, prior to the expiration of the 90 days, the shareholder was notified that the corporation rejected the demand, or unless irreparable injury to the corporation would result by waiting for the expiration of the 90-day period. History (1995, c. 149, s. 1.) Legal Periodicals. - For recent development, "In re Wachovia Shareholders Litigation: The Case for the Common Benefit Doctrine," see 84 N.C. L. Rev. 2066 (2006).
Frequently Asked Questions About North Carolina § 55-7-42
What does North Carolina General Statutes § 55-7-42 cover?
Section 55-7-42 ("Demand.") is part of the North Carolina General Statutes, the codified statutory law of North Carolina. 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 North Carolina § 55-7-42?
A common citation format is "North Carolina General Statutes § 55-7-42" (North Carolina). 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 North Carolina law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the North Carolina official source linked on this page or consult a licensed North Carolina attorney.
How does North Carolina § 55-7-42 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in North Carolina 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 North Carolina.