Burnham v. Brush

There appears to be no reason for holding up the decision on this motion any longer. The motion is one brought in a derivative stockholders’ action to dismiss the complaint on the ground that the plaintiffs were not stockholders at the time of the transaction of which they complain. Such a requirement was written into the amendment of section 61 of the General Corporation Law (L. 1944, ch. 667), which by its terms took effect April 9, 1944. The question presented is whether this amendment "is retroactive in character. In November, 1944, in Noel Associates v. Merrill (184 Misc. 646, 650-654)…