MN Bar Practice Questions - Minnesota Bar Examination Exam

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A shareholder wishes to sue to remedy a wrong done to the corporation itself. Before filing a derivative suit, what must the shareholder generally do?

Obtain unanimous shareholder consent Personally purchase all outstanding shares Make a demand on the board of directors to take action, or plead that demand would be futile File a petition for dissolution

Correct Answer:

Make a demand on the board of directors to take action, or plead that demand would be futile

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