Code of Virginia - Title 13.1 Corporations - Section 13.1-672.5 Payment of and security for expenses

§ 13.1-672.5. Payment of and security for expenses

On termination of a derivative proceeding, the court shall:

1. Order the corporation to pay the plaintiff's reasonable expenses (including counsel fees) incurred in the proceeding if it finds that the proceeding has resulted in a substantial benefit to the corporation; or

2. Order the plaintiff or the plaintiff's attorney to pay any defendant's reasonable expenses (including counsel fees) incurred in defending the proceeding if it finds that the proceeding was commenced or maintained arbitrarily, vexatiously or not in good faith.

(1992, c. 802; 1993, c. 233.)

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Last modified: April 2, 2009