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Journal of Business Law
The statutory derivative action: now showing near you
Paul代写留学生论文von Nessen
S.H. Goo
Chee Keong Low
Subject: Company law
Keywords: Commonwealth; Comparative law; Derivative actions; Hong Kong; United States

*J.B.L. 627  Introduction 
The statutory derivative action has now arrived in Hong Kong and the United Kingdom. This is not surprising since the rule in Foss v Harbottle, 。 which provides that a company is the proper plaintiff for wrongs committed against it, has been frequently criticised despite the number of exceptions which were developed to ameliorate against the possible injustice that such a rule would cause to minority shareholders. Onthe other hand, it has often been questioned whether shareholders should be protected by way of statutory derivative action or whether some other alternatives, such as unfair prejudice petitions, would be better, and whether statutory derivative action would be effective. Despite the scepticism about the effectiveness of statutory derivative action, the list of common law countries which have adopted some form of statutory derivative action continues to grow, and now includes the United States, Ghana, Canada, South Africa, New Zealand, Singapore, Australia, Israel and, since 2005, Hong Kong.错误！超链接引用无效。 The most recent addition to this list is the United Kingdom, which enacted its statutory derivative action in 2006.错误！超链接引用无效。 
Although the enactments in each of these countries have similar aims of overcoming the deficiencies of Foss v Harbottle (or the equivalent principles in US law) and improving corporate governance, the exact features of statutes allowing of each statutory derivative action vary from country to country. Like *J.B.L. 628  a Broadway play brought to London or other foreign cities, the quality and popularity of the product may depend upon the particular feature adopted in each location.
The debate whether minority shareholders should be protected by way of derivative actions and whether statutory derivative actions is needed is well documented in various academic and law reform papers and will therefore not be rehearsed here. The aim of this article is to review the growth of the statutory derivative action in an international context, including the most recent statutory formulation in the United Kingdom, and to highlight many of the local variants which have appeared, and then to consider whether, on the experience so far observed, the statutory derivative action has fulfilled the promise of assuring that legal recourse would be available to companies whose controllers are unwilling to see the company pursue its remedies.
Considering both the history and form of the statutory derivative action's enactment in Hong Kong, this article further analyses, by reference both to international experience and to local developments since enactment, whether Hong Kong's version of the statutory derivative action will prove to be both useful and popular in view of the particular features which Hong Kong has adopted and proffers views on whether the experience in Hong Kong and elsewhere might provide lessons about the potential success of the UK enactment.
The proper plaintiff/claimant: Foss v Harbottle 
The starting point for any discussion of the statutory derivative action among the countries of the common law is usually the case of Foss v Harbottle. In that case, Foss and another sh本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。