CORPORATIONS-DERIVATIVE STOCKHOLDERS' SUITS-NEW YORK GENERAL CORPORATION LAW 61b

Authors

T. M. Kubiniec, University of Michigan Law SchoolFollow

Abstract

In a derivative stockholders' suit, the defendant corporation was granted an order for security for reasonable costs under the above statute containing a provision that plaintiff stockholders might move to vacate the security order upon subsequent joinder of stockholders holding 5 per cent of the outstanding shares of any class of stock of the corporation or shares having a market value in excess of $50,000. Held, two judges dissenting, order modified by deleting therefrom the provision for vacation. Baker v. Macfadden Publications, (App. Div. 1946) 59 N.Y.S. (2d) 841.

Recommended Citation

T. M. Kubiniec, CORPORATIONS-DERIVATIVE STOCKHOLDERS' SUITS-NEW YORK GENERAL CORPORATION LAW 61b, 45 Mich. L. Rev. 213 (1946).
Available at: https://repository.law.umich.edu/mlr/vol45/iss2/10