2014 Michigan Compiled Laws
Chapter 450 - CORPORATIONS
Act 162 of 1982 NONPROFIT CORPORATION ACT (450.2101 - 450.3192)
162-1982-4 CHAPTER 4 (450.2401...450.2493)
Section 450.2492 Discontinuance, compromise, or settlement of action authorized by MCL 450.2491; approval; notice; expense; award and recovery.


MI Comp L § 450.2492 (2014) What's This?

NONPROFIT CORPORATION ACT (EXCERPT)
Act 162 of 1982
450.2492 Discontinuance, compromise, or settlement of action authorized by MCL 450.2491; approval; notice; expense; award and recovery.

Sec. 492.

An action authorized by section 491 shall not be discontinued, compromised, or settled without approval by the court having jurisdiction of the action. If the court determines that the interest of the shareholders or members or of any class thereof will be substantially affected by the discontinuance, compromise, or settlement, the court may direct that notice, by publication or otherwise, be given to the shareholders or members or any class thereof whose interests it determines will be so affected. If notice is so directed to be given, the court may determine which 1 or more of the parties to the action shall bear the expense of giving the notice, in such amount as the court determines and finds to be reasonable in the circumstances. The amount of such expense shall be awarded as special costs of the action and recoverable in the same manner as statutory taxable costs.


History: 1982, Act 162, Eff. Jan. 1, 1983


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