Sec. 101.460. DISCONTINUANCE OR SETTLEMENT. (a) A derivative proceeding may not be discontinued or settled without court approval.
(b) The court shall direct that notice be given to the affected members if the court determines that a proposed discontinuance or settlement may substantially affect the interests of other members.
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.
Structure Texas Statutes
Title 3 - Limited Liability Companies
Chapter 101 - Limited Liability Companies
Subchapter J. Derivative Proceedings
Section 101.452. Standing to Bring Proceeding
Section 101.454. Determination by Governing or Independent Persons
Section 101.455. Stay of Proceeding
Section 101.457. Tolling of Statute of Limitations
Section 101.458. Dismissal of Derivative Proceeding
Section 101.459. Allegations After Demand Rejected
Section 101.460. Discontinuance or Settlement
Section 101.461. Payment of Expenses
Section 101.462. Application to Foreign Limited Liability Companies