A derivative proceeding may 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 of shareholders, the court shall direct that notice be given to the shareholders affected.
Conn. Gen. Stat. § 33-725
Discontinuance or settlement
Known as the Connecticut Business Corporation Act
The act spans §§ 33–33 (278 sections).
(P.A. 94-186, S. 80, 215.) History: P.A. 94-186 effective January 1, 1997.
Official source: Connecticut General Assembly. Reproduced from public-domain Connecticut statutes; confirm against the official source for the current text. Not legal advice.