Definitions
In plain English: Defines two terms used in this article about lawsuits brought on the association's behalf. A 'derivative proceeding' is a lawsuit filed in the right of the corporation, and an 'independent person' is someone with no personal interest in the transaction and no personal or other relationship that would influence them.
10-3630. Definitions
In this article, unless the context otherwise requires:
1. "Derivative proceeding" means a civil suit in the right of a domestic corporation or, to the extent provided in section 10-3637, in the right of a foreign corporation.
2. "Independent person" means a person with no personal interest in the transaction and no personal or other relationship which influences the person.