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Texas Business Organizations Code

§ 153.410 — DISCONTINUANCE OR SETTLEMENT

BO § 153.410Title 4. PARTNERSHIPS · Ch. 153. LIMITED PARTNERSHIPS · Art. I. DERIVATIVE ACTIONS

Statute text

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(a)A derivative proceeding may not be discontinued or settled without court approval.
(b)The court shall direct that notice be given to the affected partners if the court determines that a proposed discontinuance or settlement may substantially affect the interests of other partners.

Legislative history

Added by Acts 2019, 86th Leg., R.S., Ch. 899 (H.B. 3603), Sec. 30, eff. September 1, 2019.

Source: Texas Business Organizations Code § 153.410 from the Texas Constitution and Statutes (Texas Legislature) (public record). DecisionDepot is for informational use only and is not legal advice — verify against the official source before relying on this text.