Kansas Stockholder derivative actions
Description
How to fill out Stockholder Derivative Actions?
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FAQ
Generally, a shareholder or former shareholder, or an officer or former officer of the company is entitled to apply to the court for leave to commence a derivative action.
Grounds for bringing a derivative claim The duty to act in the company's best interests. The duty to exercise reasonable care, skill and diligence. The duty to promote the success of the company. The duty to declare an interest in a proposed transaction or arrangement.
A shareholder (stockholder) derivative suit is a lawsuit brought by a shareholder or group of shareholders on behalf of the corporation against the corporation's directors, officers, or other third parties who breach their duties. The claim of the suit is not personal but belongs to the corporation.
Only shareholders of a corporation can bring a derivative suit. Some states allow a person to bring a derivative suit as long as he or she held the company's stock at the time of the incident that gave rise to the suit.
A shareholder initiates a derivative action on behalf of the corporation when there has been an alleged breach of fiduciary duty. Generally, this concerns actions by corporate directors or officers. This type of case aims to remedy harm to the company, with any resulting damages benefiting the corporation.
Firstly, a shareholder has to seek permission from the court to commence derivative proceedings. The court must refuse to grant permission if it considers there is no prima facie case. If permission is not refused at that stage then the court will order the application for permission to be served on the company.
Shareholder begin the derivative action process by making a request to the board of directors to bring a legal action against the alleged wrongdoer. This is called making demand on the board.