This law allows a court to pause a derivative proceeding for up to 60 days if a limited partnership is investigating the allegations made in a demand or petition. This provision is designed to give the partnership time to conduct a good faith review before further legal action is taken.
Court can stay proceedings for up to 60 days.
Stay applies if the partnership is investigating allegations.
Review must be conducted in good faith.
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In simple terms: Learn about Texas's STAY OF PROCEEDING. (a) If the limited 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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