47-34A-1106. Proceeds and expenses.
94 words·~1 min read·
/sd/title-47/chapter-47-34/47-34a-1106·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Except as otherwise provided in subsection (b):
(1)Any proceeds or other benefits of a derivative action under § 47-34A-1102 , whether by judgment, compromise, or settlement, belong to the limited liability company and not to the plaintiff; and
(2)If the plaintiff receives any proceeds, the plaintiff shall immediately remit the proceeds to the company.
(b)If a derivative action under § 47-34A-1102 is successful in whole or in part, the court may award the plaintiff reasonable expenses, including reasonable attorney's fees and costs, from the recovery of the limited liability company.