DISCONTINUANCE OR SETTLEMENT
Applied in 1 court decision — leading case Lapiner v. Maimon (2014)
Most recently applied in Lapiner v. Maimon (April 2014)
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 shareholders if the court determines that a proposed discontinuance or settlement may substantially affect the interests of other shareholders.
Official source: Texas Constitution and Statutes. Reproduced from public-domain Texas statutes; confirm against the official source for the current text. Not legal advice.