(1) This section applies where—
(a) a company has raised proceedings, and
(b) the proceedings are in respect of an act or omission which could be the basis for derivative proceedings.
(2) A member of the company may apply to the court to be substituted for the company in the proceedings, and for the proceedings to continue in consequence as derivative proceedings, on the ground that—
(a) the manner in which the company commenced or continued the proceedings amounts to an abuse of the process of the court,
(b) the company has failed to prosecute the proceedings diligently, and
(c) it is
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