IL Bar Practice Questions - Illinois Bar Examination Exam

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A shareholder wishes to sue corporate directors for breaching fiduciary duties that harmed the corporation. Before filing a derivative suit, what is generally required?

The shareholder must own a controlling block of shares The shareholder must resign from any officer position The shareholder must first obtain a court's advisory opinion The shareholder must make a demand on the board (or plead demand futility) and have standing as a contemporaneous shareholder

Correct Answer:

The shareholder must make a demand on the board (or plead demand futility) and have standing as a contemporaneous shareholder

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