Alabama Code 10A-2A-7.46. Discontinuance or settlement
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Terms Used In Alabama Code 10A-2A-7.46
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Dismissal: The dropping of a case by the judge without further consideration or hearing. Source:
A derivative action may not be dismissed or compromised without the approval of the court, and notice of the proposed dismissal or compromise shall be given to stockholders of the corporation in such manner as the court directs.