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2018 Tennessee Code
Title 48 - Corporations and Associations
Limited Liability Companies
Chapter 230 - Derivative Actions and Equitable Remedies
§ 48-230-103. Discontinuance.
Universal Citation: TN Code § 48-230-103 (2018)
A proceeding commenced under this section 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 LLC or a class of members and/or holders of financial rights, the court shall direct that notice be given the members and/or holders of financial rights affected. If notice is so directed to be given, the court may determine which one (1) or more parties to the suit shall bear the expense of giving such notice, in such proportions as the court finds to be reasonable in the circumstances, and the amount of such expense shall be awarded as special costs of the suit and recoverable in the same manner as other taxable costs.
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