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.Ala. Code § 10A-2A-7.47 (1975)
Added by Act 2019-94,§ 1, eff. 1/1/2020.