153.410 – DISCONTINUANCE OR SETTLEMENT. (a) A derivative
Texas Business Organizations Code § 153.410
Summary
This law requires court approval for discontinuing or settling a derivative proceeding, ensuring that affected partners are notified if their interests may be significantly impacted. It protects the rights of partners involved in such proceedings.
Court approval is mandatory for discontinuance or settlement.
Affected partners must be notified of potential impacts.
Ensures protection of partner interests in derivative proceedings.
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In simple terms: Learn about Texas's DISCONTINUANCE OR SETTLEMENT. (a) A derivative 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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