§ 14-11-807. Applicability to Foreign Limited Liability Companies
In any derivative action in the right of a foreign limited liability company, the matters covered by this article shall be governed by the laws of the jurisdiction of organization of the foreign limited liability company except for Code Sections 14-11-803 and 14-11-804 and paragraph (b) of Code Section 14-11-806. History. Code 1981, § 14-11-807 […]
§ 14-11-803. Stay of Proceedings
If the limited liability company commences an inquiry into the allegations made in the demand or complaint, the court may stay any derivative action for such period as the court deems appropriate. History. Code 1981, § 14-11-803 , enacted by Ga. L. 1993, p. 123, § 1.
§ 14-11-804. Discontinuance or Settlement
Except as otherwise provided by the articles of organization or written operating agreement, a derivative action 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 interests of the limited liability company’s members, the court shall direct that notice be given […]
§ 14-11-805. Dismissal
The court may dismiss a derivative proceeding if, on motion by the limited liability company, the court finds that one of the groups specified in subsection (b) of this Code section has made a determination in good faith after conducting a reasonable investigation upon which its conclusions are based that the maintenance of the derivative […]
§ 14-11-806. Expenses
If a derivative action is successful, in whole or in part, or if anything is received by the plaintiff as a result of a judgment, compromise, or settlement of an action or claim, the court may award the plaintiff reasonable expenses, including reasonable attorneys’ fees, and shall direct him or her to remit to the […]
§ 14-11-801. Right of Member to Bring Derivative Action
A member may commence a derivative action in the right of the limited liability company to recover a judgment in its favor if all of the following conditions are met: Either management of the limited liability company is vested in a manager or managers who have the sole authority to cause the limited liability company […]
§ 14-11-802. Complaint
In a derivative action, the complaint must set forth with particularity the effort of the plaintiff to secure commencement of the action by the managers or the members who would otherwise have the authority to cause the limited liability company to sue in its own right. History. Code 1981, § 14-11-802 , enacted by Ga. […]