§ 35-2-1305

35-2-1305. Discontinuance or settlement -- notice. A derivative proceeding 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 the corporation's members or a class of members, the court shall direct that notice be given to the members affected. History: En. Sec. 54, Ch. 411, L. 1991.