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CHAPTER 805 BUSINESS ORGANIZATIONS
Revised Uniform Limited Partnership Act.
Derivative Actions
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(805
ILCS 210/Art. 10 heading)
(Article
scheduled to be repealed on January 1,
2008)
ARTICLE 10
Derivative Actions
(Source: P.A. 93-967, eff. 1-1-05. Repealed on 1-1-2008
by 805 ILCS 215/1401.)
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(805
ILCS 210/1001) (from Ch. 106 1/2, par. 160-1)
(Section
scheduled to be repealed on January 1,
2008)
Sec.
1001. Right of Action. No action shall be brought by a limited
partner, or assignee who is entitled to exercise the rights
of a partner to bring an action, in the right of a limited partnership
to recover a judgment in its favor unless general partners with
authority to do so have refused to bring the action or unless
an effort to cause those general partners to bring the action
is not likely to succeed.
(Source: P.A.
84-1412; 93-967, eff. 1-1-05.
Repealed on 1-1-2008 by 805 ILCS 215/1401.)
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(805
ILCS 210/1002) (from Ch. 106 1/2, par. 160-2)
(Section
scheduled to be repealed on January 1,
2008)
Sec.
1002. Proper Plaintiff. No action shall be brought by a partner,
or assignee who is entitled to exercise the rights of a partner
to bring an action, in the right of a limited partnership unless,
at the time of bringing the action, the plaintiff was a partner
or assignee who is entitled to exercise the rights of a partner
to bring an action (1) at the time of the transaction of which
he or she complains or (2) his or her status as a partner or
assignee who is entitled to exercise the rights of a partner
to bring an action had devolved upon him or her by operation
of law or pursuant to the terms of the partnership agreement
from a person who was a partner or assignee who was entitled
to exercise the rights of a partner to bring an action at the
time of the transaction.
(Source: P.A.
84-1412; 93-967, eff. 1-1-05.
Repealed on 1-1-2008 by 805 ILCS 215/1401.)
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(805
ILCS 210/1003) (from Ch. 106 1/2, par. 160-3)
(Section
scheduled to be repealed on January 1,
2008)
Sec.
1003. Pleading. In a derivative action, the complaint shall
set forth with particularity the effort of the plaintiff to
secure initiation of the action by a general partner or the
reasons for not making the effort.
(Source: P.A.
84-1412; 93-967, eff. 1-1-05.
Repealed on 1-1-2008 by 805 ILCS 215/1401.)
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(805
ILCS 210/1004) (from Ch. 106 1/2, par. 160-4)
(Section
scheduled to be repealed on January 1,
2008)
Sec.
1004. Expenses. If a derivative action is successful, in whole
or in part, or if anything is received by the plaintiff as a
result of a judgment, compromise or settlement of an action
or claim, the court may award the plaintiff reasonable expenses,
including reasonable attorney's fees, and shall direct him or
her to remit to the limited partnership the remainder of those
proceeds received by him or her.
(Source: P.A.
84-1412; 93-967, eff. 1-1-05.
Repealed on 1-1-2008 by 805 ILCS 215/1401.)
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