Tex. Business Organizations Code § 21.560
This is the official text of Tex. Business Organizations Code § 21.560, part of Texas’s Business Organizations Code — governs the formation and operation of corporations, LLCs, and partnerships.
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§ 21.560. DISCONTINUANCE OR SETTLEMENT.
Official statutory text
(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 shareholders if the court determines that a proposed discontinuance or settlement may substantially affect the interests of other shareholders.
(b) The court shall direct that notice be given to the affected shareholders if the court determines that a proposed discontinuance or settlement may substantially affect the interests of other shareholders.
Status: in_force · Read it on the official government site
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