Statutes > Iowa Statutes > Title 12 - Business Entities > Subtitle 2 - Business and Professional Corporations and Companies > CHAPTER 490 - BUSINESS CORPORATIONS > 490.745 - DISCONTINUANCE OR SETTLEMENT.

490.745 - DISCONTINUANCE OR SETTLEMENT.

        490.745  DISCONTINUANCE OR SETTLEMENT.         A derivative proceeding shall 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 corporation's shareholders or a class of      shareholders, the court shall direct that notice be given to the      shareholders affected.
         Section History: Recent Form
         2002 Acts, ch 1154, §28, 125         Referred to in § 490.747