“The continuous-ownership requirement is based on the belief that only a party with an ongoing proprietary interest in the corporation on behalf of which action is maintained will adequately represent the corporation’s interest in a derivative suit.”
How later courts described this case
- “The continuous-ownership requirement is based on the belief that only a party with an ongoing proprietary interest in the corporation on behalf of which action is maintained will adequately represent the corporation’s interest in a derivative suit.”
Written by the judges who cited it.
The opinion
HODGES, J.,
concurs in Parts I, II, III, IV, V, and VI and dissents from Part VII.
WATT, J., dissents.
SUMMERS, V.C.J., not participating.