Mayer v. Adams

Marvel, Vice Chancellor:

This action is admittedly one to enforce a secondary right, having been brought by a shareholder because Phillips Petroleum Company, a corporation in which plaintiff claims to have owned stock since in or about the year 1943, allegedly “* * * refuses to enforce rights which may properly be asserted by it.” Accordingly all the requirements of Chancery Rule 23(b) Del.C. Ann. including the part pertaining to prior corrective efforts within the corporate body must be observed by plaintiff. See opinion in this case reported in 36 Del.Ch. 466, 133 A.2d 138.

The appearing…