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.)