Indiana § 23-1-32-3 Discontinuance or settlement of proceeding

Indiana Statutes

§ 23-1-32-3 — Discontinuance or settlement of proceeding

Indiana·Title 23 BUSINESS AND OTHER ASSOCIATIONS·Art. 1 INDIANA BUSINESS CORPORATION LAW·Ch. 32 Derivative Proceedings

(a)A proceeding commenced under this chapter 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 interest of the corporation's shareholders or a class of shareholders, the court shall direct that notice be given the shareholders affected.

(b)On termination of the proceeding the court may require the plaintiff to pay any defendant's reasonable expenses (including counsel fees) incurred in defending the proceeding if it finds that the proceeding was commenced without reasonable cause.

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(a) A proceeding commenced under this
chapter 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 interest of the corporation's shareholders or
a class of shareholders, the court shall direct that notice be given the
shareholders affected.
(b) On termination of the proceeding the court may require the
plaintiff to pay any defendant's reasonable expenses (including counsel
fees) incurred in defending the proceeding if it finds that the
proceeding was commenced without reasonable cause.

Indiana § 23-1-32-3 (Discontinuance or settlement of proceeding) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.