A derivative action 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 members of the limited liability company, or the interests of members associated with a series of the limited liability company, the court shall direct that notice be given to the members affected.
Ohio Rev. Code Ann. § 1706.615
Discontinuance or settlement
Known as the Ohio Revised Limited Liability Company Act
The act spans §§ 1706–1706 (92 sections).
Effective: April 12, 2021; Latest Legislation: Senate Bill 276 - 133rd General Assembly
Official source: Ohio Laws & Administrative Rules (Legislative Service Commission). Reproduced from public-domain Ohio statutes; confirm against the official source for the current text. Not legal advice.