(Effective January 1, 2027) Discontinuance or settlement

Va. Code Ann. § 13.1-852.4
in effect
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A. A derivative proceeding shall not be settled or discontinued without the court's approval. If the court determines that a proposed discontinuance or settlement will substantially and adversely affect the interests of the corporation's members or a class of the corporation's members, the court shall direct that notice be given to the members affected. B. Notice required by subsection A shall be given in such manner as the court shall determine, and the costs of such notice shall be borne in such manner as the court shall direct. 2026, cc. 393 , 394 .
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://law.lis.virginia.gov/vacode/13.1-852.4/Fetched: 10/16/2026

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