605.0806 Voluntary dismissal or settlement; notice.
86 words·~1 min read·
/fl/title-xxxvi/chapter-605/605-0806·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1)A derivative action on behalf of a limited liability company may not be voluntarily dismissed or settled without the court’s approval.
(2)If the court determines that a proposed voluntary dismissal or settlement will substantially affect the interest of the limited liability company’s members or a class, series, or voting group of members, the court shall direct that notice be given to the members affected. The court may determine which party or parties to the derivative action shall bear the expense of giving the notice.