—holding that when "the corporation itself [will not] redress the wrongs done to it [and] the stockholders are permitted to proceed,...[tiheir right is strictly a derivative one

Their right is strictly a derivative one, and the relief obtained belongs to the corporation and not to themselves.

A plaintiff need not join every wrongdoing fiduciary, though of course recovery may only be had against those properly joined and served

Control and management of corporations rest in the officers and board of directors... while the corporation is the owner of the assets, yet their control and management rest in the officers and directors, whose relation to the assets is one of fiduciary character.

In the context of derivative actions brought by stockholders, for example, “[t] he stockholders... are to be regarded as the ultimate beneficial owners of the corporate assets,” and “have an interest therein which equity in a proper case will protect.”

Among Chancellor Wolcott's contributions are several decisions addressing the role of directors as fiduciaries for the stockholders.

The fiduciary position of the board members towards the stockholders is recognized as a fundamental concept of corporate governance.

Delaware' s corporate law has long treated the stockholders as equitable owners of the corporation and its assets

CORPORATIONS-Continued Stock and stockholders, charter amendments, alteration of preferences, preferred stock dividends