Indiana § 23-1-32-3 - Discontinuance or settlement of proceeding
Full text of Indiana Indiana Code § 23-1-32-3 — Discontinuance or settlement of proceeding, with citation guidance and answers to common questions.
§ 23-1-32-3. Discontinuance or settlement of proceeding
Sec. 3. (a) A proceeding commenced under this chapter may not be discontinued or settled without the court's approval. If the court determines that a proposed discontinuance or settlement will substantially affect the interest of the corporation's shareholders or a class of shareholders, the court shall direct that notice be given the shareholders affected.
(b) On termination of the proceeding the court may require the plaintiff to pay any defendant's reasonable expenses (including counsel fees) incurred in defending the proceeding if it finds that the proceeding was commenced without reasonable cause.
As added by P.L.149-1986, SEC.16.
Source: official Indiana text · Last verified 2026-08-27
Frequently Asked Questions About Indiana § 23-1-32-3
What does Indiana Code § 23-1-32-3 cover?
Section 23-1-32-3 ("Discontinuance or settlement of proceeding") is part of the Indiana Code, the codified statutory law of Indiana. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Indiana § 23-1-32-3?
A common citation format is "Indiana Code § 23-1-32-3" (Indiana). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Indiana law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Indiana official source linked on this page or consult a licensed Indiana attorney.
How does Indiana § 23-1-32-3 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Indiana can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Indiana.