If the corporation commences an inquiry into the allegations set forth in the demand or complaint, the court may stay a derivative proceeding for a period of time the court deems appropriate.
N.C. Gen. Stat. § 55-7-43
Stay of proceedings
Applied in 2 court decisions — leading case 140 N.C. App. 390 - Norman v. Nash Johnson & Sons' Farms, Inc. (2000)
Most recently applied in 220 N.C. App. 189 - T-Wol Acquisition Co. v. Ecdg South, LLC (May 2012)
1995, c. 149, s. 1.
Official source: North Carolina General Assembly. Reproduced from public-domain North Carolina statutes; confirm against the official source for the current text. Not legal advice.