California Corporations Code

§ 15910.05

CORP § 15910.05 Effective Jan 1, 2007Title 2 · Ch. 4.5 · Art. 10

Statute text

(a)Except as otherwise provided in subdivision (b):

(1)any proceeds or other benefits of a derivative action, whether by judgment, compromise, or settlement, belong to the limited partnership and not to the derivative plaintiff;

(2)if the derivative plaintiff receives any of those proceeds, the derivative plaintiff shall immediately remit them to the limited partnership.

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Legislative history

Added by Stats. 2006, Ch. 495, Sec. 20. Effective January 1, 2007. Section operative January 1, 2008, pursuant to Section 15912.04.