§ 55-7-45. Discontinuance or settlement. - North Carolina Statutes

§ 55‑7‑45. Discontinuance or settlement.

(a)        A derivativeproceeding may not be discontinued or settled without the court's approval. Ifthe court determines that a proposed discontinuance or settlement willsubstantially affect the interests of the corporation's shareholders or a classof shareholders, the court shall direct that notice be given to theshareholders affected.

(b)        The court shalldetermine the manner and form of the notice and the manner in which costs ofthe notice shall be borne. (1995, c. 149, s. 1.)