§ 13.1-672.2 Discontinuance or settlement
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.
History
This law was first created in 1992. The record of its establishment is cataloged in chapter 802 of that year’s edition of “Acts of Assembly,” the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1992 “Acts” aren’t available online. It has been modified 1 time. Those modifications are cataloged by “The Acts of Assembly,” a state publication, by year and chapter. Those modifications that can be read on the General Assembly’s website will be linked accordingly. That modification is as follows: in 2019, chapter 734.
1992, c. 802; 2019, c. 734.