§ 1305.
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/vt/1305A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 1305. Proceeds and expenses
(a)Except as otherwise provided in subsection
(b)of this section:
(1)any proceeds or other benefits of a derivative action to enforce a right of a mutual benefit enterprise, whether by judgment, compromise, or settlement, belong to the enterprise and not to the plaintiff; and
(2)if the plaintiff in the derivative action receives any proceeds, the plaintiff shall immediately remit them to the enterprise.
(b)If a derivative action to enforce a right of a mutual benefit enterprise 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 enterprise. (Added 2011, No. 84 (Adj. Sess.), § 1, eff. April 20, 2012.)