GroundRules
Tex. Business Organizations Code § 101.460: DISCONTINUANCE OR SETTLEMENT.
Where this section sits in the code
- BUSINESS ORGANIZATIONS CODE
- TITLE 3. LIMITED LIABILITY COMPANIES
- CHAPTER 101. LIMITED LIABILITY COMPANIES
- SUBCHAPTER J. DERIVATIVE PROCEEDINGS
(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.
Collected 2026-08-27T01:46:58Z. Source file · JSON