Newkirk v. W. J. Rainey, Inc.

Seitz, Vice Chancellor:

Certain of the defendants have moved to dismiss as to all plaintiffs except plaintiffs Newkirk and Mazzotti or to strike such plaintiffs on the ground that they were not stockholders at the times of the transactions of which they complain and their stock did not devolve upon them by operation of law. This objection is predicated on Sec. 51A of the General Corporation Law of Delaware, Rev. Code 1935, § 2083A, as added by 45 Del. Laws, c. 157, § 4, which provides:

“In any derivative suit hereafter instituted by a stockholder of a corporation organized under the laws of…