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2024 Indiana Code
Title 23. Business and Other Associations
Article 1. Indiana Business Corporation Law
Chapter 32. Derivative Proceedings
23-1-32-3. Discontinuance or Settlement of Proceeding
Universal Citation:
IN Code § 23-1-32-3 (2024)
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Sec. 3. (a) A proceeding commenced under this chapter 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 interest of the corporation's shareholders or a class of shareholders, the court shall direct that notice be given the shareholders affected.
(b) On termination of the proceeding the court may require the plaintiff to pay any defendant's reasonable expenses (including counsel fees) incurred in defending the proceeding if it finds that the proceeding was commenced without reasonable cause.
As added by P.L.149-1986, SEC.16.
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