A. A derivative proceeding shall not be settled or discontinued without the court’s approval. If the court determines that the discontinuance or settlement will substantially affect the interests of the corporation’s shareholders or a class of the corporation’s shareholders, the court shall direct that notice be given to the shareholders affected.

B. Notice required under this section shall be given in such manner as the court shall determine, and the costs of such notice shall be borne in such manner as the court shall direct.

History

1992, c. 802.