N.J.S.A. 14A:3-6.6

Court's approval required.

14A:3-6.6 Court's approval required. 6. A derivative proceeding or a shareholder class action 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 corporation's shareholders or a class of shareholders, the court shall direct that notice be given to the shareholders affected. L.2013, c.42, s.6.

External source: View on Justia →

This is the verbatim text of N.J.S.A. 14A:3-6.6, retrieved from the New Jersey Legislature's public statute corpus. Statutes are amended periodically — for the most current version, check the external source link above. Kyzer is not a law firm and this page is not legal advice.