13.1-672.2 - Discontinuance or settlement. - Virginia Statutes

§ 13.1-672.2. Discontinuance or settlement.

A. A derivative proceeding shall not be settled or discontinued without thecourt's approval. If the court determines that the discontinuance orsettlement will substantially affect the interests of the corporation'sshareholders or a class of the corporation's shareholders, the court shalldirect that notice be given to the shareholders affected.

B. Notice required under this section shall be given in such manner as thecourt shall determine, and the costs of such notice shall be borne in suchmanner as the court shall direct.

(1992, c. 802.)