Gibbon v. 3920 Lake Shore Drive Bldg. Corp.

Full title: Karl M. Gibbon, Appellee, v. 3920 Lake Shore Drive Building Corporation et…

Court: Appellate Court of Illinois, First District

Date published: May 13, 1941

310 Ill. App. 385 (Ill. App. Ct. 1941)

34 N.E.2d 109

Opinion

Gen. No. 41,315. (Abstract of Decision.)

Opinion filed May 13, 1941

CORPORATIONS, § 533^_ — restrictions on transfer of stock, reasonableness. In mandamus action to compel transfer of stock on books of corporation, resolution of stockholders requiring stock to be first offered to corporation for sale was intended to apply to sales to strangers, not sales between stockholders such as was involved in instant case, and resolution was also unreasonable because it required an idle act, because after reorganization the corporation had no funds with which to purchase such stock.

_ See Callaghan's Illinois Digest, same topic and section number.

Appeal from Circuit Court of Cook county; Hon. HARRY M. FISHER, presiding.

Judgment granting writ of mandamus affirmed. Heard in second division, first district, this court at June term, 1940.

Michael M. Phillips and Gerald Turnbull, for appellants;

Poppenhusen, Johnston, Thompson Raymond, for appellee;

Albert E. Jenner, Jr., of counsel.

Opinion by PRESIDING JUSTICE FRIEND.

"Not to be published in full." Opinion filed May 13, 1941.