Section 7-80-717 - Discontinuance or settlement of derivative proceeding

No derivative proceeding commenced pursuant to this part 7 shall be discontinued or settled without the approval of the court. Where the court determines that a proposed discontinuance or settlement will substantially affect the interests of the members of the limited liability company, the court shall direct that notice be given to the members affected.L. 2002: Entire section added, p. 1726, § 160, effective October 1.