Virginia § 13.1-672.2 Discontinuance or settlement

Virginia Statutes

§ 13.1-672.2 — Discontinuance or settlement

Virginia § 13.1-672.2

Title 13.1Corporations

Ch. 9Virginia Stock Corporation Act

Art. 8.1Derivative Proceedings and Other Shareholder Actions

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Bluebook

Va. Code Ann. § 13.1-672.2 (2026).

Text

A.A derivative proceeding may not be settled or discontinued without the court's approval. If the court determines that a proposed discontinuance or settlement will substantially and adversely affect the interests of the corporation's shareholders or a class or series of the corporation's shareholders, the court shall direct that notice be given to the shareholders affected.

B.Notice required by subsection A shall be given in such manner as the court shall determine, and the costs of such notice shall be borne in such manner as the court shall direct.

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A. A derivative proceeding may not be settled or discontinued without the court's approval. If the court determines that a proposed discontinuance or settlement will substantially and adversely affect the interests of the corporation's shareholders or a class or series of the corporation's shareholders, the court shall direct that notice be given to the shareholders affected.

B. Notice required by subsection A shall be given in such manner as the court shall determine, and the costs of such notice shall be borne in such manner as the court shall direct.