Official Code of Georgia Annotated

Title 14. CORPORATIONS, PARTNERSHIPS, AND ASSOCIATIONS · Chapter 3. NONPROFIT CORPORATIONS · Article 7A. DERIVATIVE PROCEEDINGS

14-3-745. Discontinuance or settlement of proceeding prohibited without court approval.

Active

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 members or a class of members, the court shall direct that notice be given to the members 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.

Code 1981, § 14-3-745, enacted by Ga. L. 1991, p. 465, § 1; Ga. L. 2023, p. 419, § 1-1/SB 148, effective July 1, 2023.

Ga. L. 2023, p. 419, § 1-1/SB 148, effective July 1, 2023, reenacted this Code section without change.

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

Text read from t14-(v12)-pdf.pdf, Volume V12, 2017 edition, 2025 supplement, page 103; merge action: replaced; file SHA-256 b004123363dc.