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2021 North Carolina General Statutes
Chapter 57D - North Carolina Limited Liability Company Act
Article 8 - Derivative Actions.
§ 57D-8-04 - Discontinuance or settlement.
Universal Citation: NC Gen Stat § 57D-8-04 (2021)
57D-8-04. Discontinuance or settlement.
(a) 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 LLC's members, the court shall direct that notice be given to the members who would be affected.
(b) The court shall determine the manner and form of the notice and the manner in which costs of the notice will be borne.
(2013-157, s. 2.)
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