A derivative action may not be dismissed or compromised without the approval of the court, and notice of the proposed dismissal or compromise shall be given to members of the limited liability company or the members associated with the series of the limited liability company, as the case may be, in such manner as the court directs.
Ala. Code § 10A-5A-9.07
Discontinuance or Settlement.
Known as the Alabama Business and Nonprofit Entity Code
The act spans §§ 10A-1-1.01 to 10A-9A-9.09 (1,341 sections).
(Act 2014-144, p. 265, §1.)
Official source: Alabama Legislature (ALISON). Reproduced from public-domain Alabama statutes; confirm against the official source for the current text. Not legal advice.