A derivative proceeding shall 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 or series of shareholders, the court shall direct that notice be given to the shareholders affected.
Iowa Code § 490.745
Discontinuance or settlement
Known as the Iowa Business Corporation Act
The act spans §§ 490–490 (245 sections).
2002 Acts, ch 1154, §28, 125; 2021 Acts, ch 165, §83, 230
Official source: Iowa Legislature. Reproduced from public-domain Iowa statutes; confirm against the official source for the current text. Not legal advice.