Complaint; demand and excuse

Complaint; demand and excuse. — A complaint in a proceeding brought in the right of a corporation must be verified and allege with particularity: (1) The demand, if any, made to obtain the action desired by the shareholder from the board of directors; and (2) Either: (a) If such a demand was made, that the demand was refused, rejected, or ignored by the board of directors prior to the expiration of 90 days from the date the demand was made; (b) If such a demand was made, why irreparable injury to the corporation or misapplication or waste of corporate assets causing material injury to the corporation would result by waiting for the expiration of a 90-day period from the date the demand was made; or (c) The reason or reasons the shareholder did not make the effort to obtain the desired action from the board of directors or comparable authority.