Class actions--representatives--secondary actions bystockholders--dismissal or compromise.
507.070. 1. If persons constituting a class are verynumerous or it is impracticable to bring them all before thecourt, such of them, one or more, as will fairly insure adequaterepresentation of all may, on behalf of all, sue or be sued, whenthe character of the right sought to be enforced for or againstthe class is
(1) Joint, or common, or secondary in a sense that the ownerof a primary right refuses to enforce that right and a member ofthe class thereby becomes entitled to enforce it;
(2) Several, and the object of the action is theadjudication of claims which do or may affect specific propertyinvolved in the action; or
(3) Several, and there is a common question of law or factaffecting the several rights and a common relief is sought.Nothing in this section shall be construed to affect the rightsor liabilities of labor unions to sue or be sued.
2. In an action brought to enforce a secondary right on thepart of one or more shareholders in an association, incorporatedor unincorporated, because the association refuses to enforcerights which may properly be asserted by it, the petition shallaver that the plaintiff was a shareholder at the time of thetransaction of which he complains or that his share thereafterdevolved on him by operation of law. The petition shall also setforth with particularity the efforts of the plaintiff to securefrom the managing directors or trustees and, if necessary, fromthe shareholders such action as he desires, and the reasons forhis failure to obtain such action or the reasons for not makingsuch effort.
3. A class action shall not be dismissed or compromisedwithout the approval of the court. If the right sought to beenforced is one defined in subdivision (1) of subsection 1 noticeof the proposed dismissal or compromise shall be given to allmembers of the class in such manner as the court directs. If theright is one defined in subdivisions (2) or (3) of subsection 1notice shall be given only after the court requires it.
Class actions--representatives--secondary actions bystockholders--dismissal or compromise.
507.070. 1. If persons constituting a class are verynumerous or it is impracticable to bring them all before thecourt, such of them, one or more, as will fairly insure adequaterepresentation of all may, on behalf of all, sue or be sued, whenthe character of the right sought to be enforced for or againstthe class is
(1) Joint, or common, or secondary in a sense that the ownerof a primary right refuses to enforce that right and a member ofthe class thereby becomes entitled to enforce it;
(2) Several, and the object of the action is theadjudication of claims which do or may affect specific propertyinvolved in the action; or
(3) Several, and there is a common question of law or factaffecting the several rights and a common relief is sought.Nothing in this section shall be construed to affect the rightsor liabilities of labor unions to sue or be sued.
2. In an action brought to enforce a secondary right on thepart of one or more shareholders in an association, incorporatedor unincorporated, because the association refuses to enforcerights which may properly be asserted by it, the petition shallaver that the plaintiff was a shareholder at the time of thetransaction of which he complains or that his share thereafterdevolved on him by operation of law. The petition shall also setforth with particularity the efforts of the plaintiff to securefrom the managing directors or trustees and, if necessary, fromthe shareholders such action as he desires, and the reasons forhis failure to obtain such action or the reasons for not makingsuch effort.
3. A class action shall not be dismissed or compromisedwithout the approval of the court. If the right sought to beenforced is one defined in subdivision (1) of subsection 1 noticeof the proposed dismissal or compromise shall be given to allmembers of the class in such manner as the court directs. If theright is one defined in subdivisions (2) or (3) of subsection 1notice shall be given only after the court requires it.
Class actions--representatives--secondary actions bystockholders--dismissal or compromise.
507.070. 1. If persons constituting a class are verynumerous or it is impracticable to bring them all before thecourt, such of them, one or more, as will fairly insure adequaterepresentation of all may, on behalf of all, sue or be sued, whenthe character of the right sought to be enforced for or againstthe class is
(1) Joint, or common, or secondary in a sense that the ownerof a primary right refuses to enforce that right and a member ofthe class thereby becomes entitled to enforce it;
(2) Several, and the object of the action is theadjudication of claims which do or may affect specific propertyinvolved in the action; or
(3) Several, and there is a common question of law or factaffecting the several rights and a common relief is sought.Nothing in this section shall be construed to affect the rightsor liabilities of labor unions to sue or be sued.
2. In an action brought to enforce a secondary right on thepart of one or more shareholders in an association, incorporatedor unincorporated, because the association refuses to enforcerights which may properly be asserted by it, the petition shallaver that the plaintiff was a shareholder at the time of thetransaction of which he complains or that his share thereafterdevolved on him by operation of law. The petition shall also setforth with particularity the efforts of the plaintiff to securefrom the managing directors or trustees and, if necessary, fromthe shareholders such action as he desires, and the reasons forhis failure to obtain such action or the reasons for not makingsuch effort.
3. A class action shall not be dismissed or compromisedwithout the approval of the court. If the right sought to beenforced is one defined in subdivision (1) of subsection 1 noticeof the proposed dismissal or compromise shall be given to allmembers of the class in such manner as the court directs. If theright is one defined in subdivisions (2) or (3) of subsection 1notice shall be given only after the court requires it.
