Sec. 153.410. 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 partners if the court determines that a proposed discontinuance or settlement may substantially affect the interests of other partners.
Added by Acts 2019, 86th Leg., R.S., Ch. 899 (H.B. 3603), Sec. 30, eff. September 1, 2019.
Structure Texas Statutes
Chapter 153 - Limited Partnerships
Subchapter I. Derivative Actions
Section 153.402. Standing to Bring Proceeding
Section 153.404. Determination by Independent Persons
Section 153.405. Stay of Proceeding
Section 153.407. Tolling of Statute of Limitations
Section 153.408. Dismissal of Derivative Proceeding
Section 153.409. Allegations After Demand Rejected
Section 153.410. Discontinuance or Settlement
Section 153.411. Payment of Expenses
Section 153.412. Application to Foreign Limited Partnerships