Arizona Revised Statutes (Last Updated: March 31, 2016) |
Title 10. Corporations and Associations |
Chapter 29. MEMBERS AND MEMBERSHIP-NONPROFIT CORPORATIONS |
Article 4. Derivative Suits |
Sec 10-3635. Discontinuance or settlement
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No derivative proceeding may 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 members or a class of members, the court shall direct that notice be given to the affected members.