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 shareholders or a class of shareholders, the court shall direct that notice be given to the shareholders affected.
Structure Mississippi Code
Title 79 - Corporations, Associations, and Partnerships
Chapter 4 - Mississippi Business Corporation Act
§ 79-4-7.40. Meaning of "derivative proceeding", "shareholder" in subarticle
§ 79-4-7.41. Who may commence or maintain derivative proceeding
§ 79-4-7.42. Prerequisites to commencing derivative proceeding
§ 79-4-7.43. Stay of proceeding when corporation inquires into allegations
§ 79-4-7.45. Court approval for settlement or discontinuance
§ 79-4-7.46. Expenses and attorney fees
§ 79-4-7.47. Law applicable in derivative proceedings involving foreign corporations
§ 79-4-7.48. Shareholder action to appoint custodian or receiver