101.458 – DISMISSAL OF DERIVATIVE PROCEEDING. (a) A
Texas Business Organizations Code § 101.458
Summary
This law allows a limited liability company to seek dismissal of a derivative proceeding if a designated group determines that it is not in the company's best interests. The decision must be made in good faith after a reasonable inquiry into the circumstances of the case.
Allows dismissal of derivative proceedings by court motion.
Requires good faith determination by a designated group.
Focuses on the best interests of the limited liability company.
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In simple terms: Learn about Texas's DISMISSAL OF DERIVATIVE PROCEEDING. (a) A law, including definitions, penalties, and legal implications.. This means people must follow this rule, and breaking it can lead to criminal penalties.
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