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A shareholder wants to file a derivative suit on behalf of a corporation governed by an MBCA-style demand statute.
Which statement best describes the demand requirement?

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Demand is satisfied by posting criticism of the board on social media. Demand is required only after trial. Under MBCA-style rules, a shareholder generally must make written demand and wait 90 days unless the demand is rejected earlier or waiting would cause irreparable injury to the corporation. A shareholder may always file a derivative suit without contacting the corporation.

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