                                 CODE OF VIRGINIA

DISCONTINUANCE OR SETTLEMENT (§ 13.1-672.2)

A. A derivative proceeding may not be settled or discontinued without the
court&#8217;s approval. If the court determines that a proposed discontinuance
or settlement will substantially and adversely affect the interests of the
corporation&#8217;s shareholders or a class or series of the corporation&#8217;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: 1992, c. 802; 2019, c. 734.