The Delaware Court of Chancery has the authority to impose specific conditions on a books-and-records request under Section 220 of the Delaware General Corporation Law, the state Supreme Court has ruled.
In United Technologies v. Treppel, a Delaware corporation asked the Chancery Court to require a shareholder to initiate a lawsuit in the state if he opts to sue based on a books-and-records request. Vice Chancellor Sam Glasscock III denied the motion, holding the court cannot restrict the use of information gleaned from a Section 220 request.
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