Official Code of Georgia Annotated

Title 14. CORPORATIONS, PARTNERSHIPS, AND ASSOCIATIONS · Chapter 2. BUSINESS CORPORATIONS · Article 7. SHAREHOLDERS · Part 4. DERIVATIVE PROCEEDINGS

14-2-745. Discontinuance or settlement.

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Current through: Including Acts of the 2025 Regular Session of the General Assembly.

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.

The notes below are printed with the section but are not enacted law (O.C.G.A. § 1-1-1(c)). They are shown apart from the text.

History

Code 1981, § 14-2-745, enacted by Ga. L. 1988, p. 1070, § 1.

Law reviews

For survey article on business associations, see 60 Mercer L. Rev. 35 (2008). For article, ‘‘2008 Annual Review of Case Law Development,’’ see 14 (No. 6) Ga. St. B.J. 28 (2009).

Read the official page (the state's PDF, opened at the page this text was read from).

Current through: Including Acts of the 2025 Regular Session of the General Assembly.

Text read from t14-(v12)-2017-pdf.pdf, Volume V12, 2017 edition, page 213; merge action: carried; file SHA-256 f2fad2b71b39.

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