Us Code § 1401 - Stockholder's derivative action
Full text of Us Code United States Code § 1401 — Stockholder's derivative action, with citation guidance and answers to common questions.
§ 1401. Stockholder's derivative action
Any civil action by a stockholder on behalf of his corporation may be prosecuted in any judicial district where the corporation might have sued the same defendants.
(June 25, 1948, ch. 646, 62 Stat. 936.)
Historical and Revision Notes
Based on title 28, U.S.C., 1940 ed., §112 (part) (Mar. 3, 1911, ch. 231, §51, 36 Stat. 1101; Sept. 19, 1922, ch. 345, 42 Stat. 849; Mar. 4, 1925, ch. 526, §1, 43 Stat. 1264; Apr. 16, 1936, ch. 230, 49 Stat. 1213).
For disposition of other provisions of section 112 of title 28, U.S.C., 1940 ed., see reviser's note under section 1391 of this title.
Words "civil action" were substituted for "suit," in view of Rule 2 of the Federal Rules of Civil Procedure.
Words "other than said corporation," after "same defendants," were omitted as superfluous. Obviously a corporation would not be suing itself.
Changes were made in phraseology.
About This Section
28 U.S.C. § 1401 is part of Title 28 of the United States Code. The United States Code is the official codification of federal statutes maintained by the Office of the Law Revision Counsel of the U.S. House of Representatives. Congress amends the Code through new public laws, which are eventually incorporated into the relevant title.
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