Sec. 1005. Proceeds and expenses.
90 words·~1 min read·
/il/chapter-805/act-215/1005A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 1005. Proceeds and expenses.
(a)Except as otherwise provided in subsection (b):
(1)any proceeds or other benefits of a derivative action, whether by judgment,
compromise, or settlement, belong to the limited partnership and not to the derivative plaintiff;
(2)if the derivative plaintiff receives any proceeds, the derivative plaintiff shall
immediately remit them to the limited partnership.
(b)If a derivative action is successful in whole or in part, the court may award the plaintiff reasonable expenses, including reasonable attorney's fees, from the recovery of the limited partnership.