Section 14-2-741. Standing

   A shareholder may not commence or maintain a derivative proceeding unless the shareholder:

   (1) Was a shareholder of the corporation at the time of the act or omission complained of or became a shareholder through transfer by operation of law from one who was a shareholder at that time; and

   (2) Fairly and adequately represents the interests of the corporation in enforcing the right of the corporation.

Code 1981, § 14-2-741, enacted by Ga. L. 1988, p. 1070, § 1; Ga. L. 1989, p. 946, § 29.