Code of Alabama |
Match Context and Document information |
URL: | http://alisondb.legislature.state.al.us/alison/CodeOfAlabama /1975/10A-2A-7.47.htm |
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Depth: | 0 singles |
Size: | 949 bytes |
Modified: | 2019-12-09 11:23:06 |
Categories: | -None- |
Title: | 10A-2A-7.47 |
Description: | -None- |
Keywords: | -None- |
Meta data: | -None- |
Body: | Section 10A-2A-7.47 Proceeds and expenses. (a) Except as otherwise provided in subsection (b): (1) any proceeds or other benefits of a derivative action, whether by judgment, compromise, or settlement, belong to the corporation and not to the derivative plaintiff; and (2) if the derivative plaintiff receives any proceeds, the derivative plaintiff shall immediately remit them to the corporation. (b) If a derivative action is successful in whole or in part, the court may award the plaintiff reasonable expenses, including reasonable attorney's fees, from the recovery of the corporation. (Act 2019-94, ยง1.) |