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O.C.G.A. § 14-3-745 — Discontinuance or settlement of proceeding prohibited without court approval | Georgia Code

O.C.G.A. § 14-3-745 (2018) Copy Cite Official Site Syfertize CourtListener Scholar Amendments

TITLE 14 CORPORATIONS, PARTNERSHIPS, AND ASSOCIATIONS

Section 3. Nonprofit Corporations, 14-3-101 through 14-3-1703.

ARTICLE 7 MEETINGS

14-3-745. Discontinuance or settlement of proceeding prohibited without court approval.

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.

(Code 1981, §14-3-745, enacted by Ga. L. 1991, p. 465, § 1.)

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This Georgia Code resource is curated by the attorney maintaining this site, a personal injury and workers' compensation attorney admitted in Georgia (State Bar of Georgia No. 881027, since 2006) and Florida. For legal consultation, call 904-383-7448.