Settlement Article 850 The provisions of Article 267 of the Code of Civil Procedure do not apply to the subject-matter of a suit relating to an Action for to Enforce Liability in cases where a Stock Company, etc. is not a party to settlement in such suit;provided, however, that this does not apply when such Stock Company, etc. has given approval.
In the case prescribed in the preceding paragraph, the court must notify the Stock Company, etc. of the contents of the settlement and give the Stock Company notice to the effect that it should state its objection to such settlement, if any, within two weeks.
In cases where the Stock Company, etc. does not raise any objections in writing within the period set forth in the preceding paragraph, it is deemed to have given the approval for Shareholders, etc. to effect a settlement with the contents of the notice under the provisions of that paragraph.
The provisions of Article 55, Article 102-2, paragraph (2), Article 103, paragraph (3), Article 120, paragraph (5), Article 213-2, paragraph (2), Article 286-2, paragraph (2), Article 424 (including the cases where it is applied mutatis mutandis pursuant to Article 486, paragraph (4)), Article 462, paragraph (3) (limited to the portion relating to the obligations assumed for the portion not exceeding the Distributable Amount prescribed in the proviso to that paragraph), Article 464, paragraph (2) and Article 465, paragraph (2) do not apply in cases of effecting a settlement in a suit relating to an Action to Enforce Liability.
