Tyler v. Gas Consumers Ass'n

In December, 1961, plaintiff Parker R. Tyler, Jr., commenced a derivative stockholders’ action on behalf of Gas Consumers Association, which, as required by law, was joined as a party defendant.

The complaint alleged that “there are outstanding 50,000 shares of common stock and 33,033 shares of preferred stock of Gas Consumers Association”. The complaint further alleged that the plaintiff Parker R. Tyler, Jr., is “ the owner of 360 shares of common stock and 1040 shares of preferred stock of defendant corporation.” Plaintiff Parker R. Tyler, Jr., was, accordingly, the holder of less than 1%…