Florida Statute 607.0742 - Full Text and Legal Analysis

The 2025 Florida Statutes

Title XXXVI
BUSINESS ORGANIZATIONS

Chapter 607
FLORIDA BUSINESS CORPORATION ACT

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607.0742 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.

History.—s. 74, ch. 2019-90.

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Amendments to 607.0742

Annotations, Discussions, Cases:

Cases Citing Statute 607.0742

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Jon J. Rappaport v. Arthur F. Scherr, Etc. (Fla. 3d DCA 2021).

Published | Florida 3rd District Court of Appeal

...11 In addition to the plain language of section 607.07401(2), and the language of the predecessor statute, our analysis is further supported by the fact that, in 2019, the Florida Legislature again amended the statute, (now renumbered as section 607.0742)....

...an earlier version, and permits the shareholder to allege in the complaint, with particularity: “The reason or reasons the shareholder did not make the effort to obtain the desired action from the board of directors or comparable authority.” § 607.0742(2)(c), Fla....

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