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Tex. Bus. Orgs. Code § 101.460

DISCONTINUANCE OR SETTLEMENT

Acts 2003, 78th Leg., ch. 182, Sec. 1, eff

(a) A derivative proceeding may not be discontinued or settled without court approval.

(b) The court shall direct that notice be given to the affected members if the court determines that a proposed discontinuance or settlement may substantially affect the interests of other members.

Official source: Texas Constitution and Statutes. Reproduced from public-domain Texas statutes; confirm against the official source for the current text. Not legal advice.