490.745 Discontinuance or settlement.
67 words·~1 min read·
/ia/chapter-490-business-corporations/490-745·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A derivative proceeding shall not be discontinued or settled without the court’s approval. If the court determines that a proposed discontinuance or settlement will substantially affect the interests of the corporation’s shareholders or a class or series of shareholders, the court shall direct that notice be given to the shareholders affected.
2002 Acts, ch 1154, §28, 125; 2021 Acts, ch 165, §83, 230
Referred to in §490.747