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Assets of insolvent corporation are a trust fund for creditors. Directors become trustees and must conserve property for creditors in good faith.

Atwater v. Amer. Ex. Bank, 152 Ill. 605 (613). Corporate property is a trust fund for stockholders and creditors. Persons securing wrongful possession hold same in trust.

Atlas Nat. Bank v. More, 152 I11. 528 (541). Exchanging corporate property for corporate stock, held improper as prejudicial to creditors.

Commercial Nat. Bank v. Burch, 141 Ill. 519 (528). Property given to a corporation for pecuniary profit, does not revert to grantors on dissolution but goes to creditors and stockholders.

Mott v. Danville Seminary, 129 III. 403 (410).


Agreement to stop all accommodation trains as condition for grant of right of way, is not against public policy.

Gray v. C. M. & St. P. Ry. Co., 189 Ill. 400.

Monopolies are against the public policy of Illinois, as shown by its statutes and decisions.

Harding v. Amer. Glucose Co., 182 Ill. 551 (616).



Contract between public service corporations that tend to establish a monopoly are against public policy.

Dunbar v. American Tel. Co., 238 Ill. 456 (492). The Associated Press is a public service corporation and must furnish news to all who conform to its reasonable regulations—mandamus.

Inter Ocean Co. v. Associated Press, 184 III. 438 (452). Private corporations organized for and operating water works are public service corporations, and must supply water at reasonable rates to all alike.

City of Danville v. Danville Water Co., 180 III. 235 (241). Telephone and telegraph companies are public service corporations and must furnish service to all on equal terms.

Inter Ocean Co. v. Associated Press, 184 Ill. 438 (448).



Statute as to.

AN ACT to revise the law in relation to quo warranto. (Approved March 23, 1874. In force July 1, 1874.

1. When and at whose instance writ may issue.) § 1. Be it enacted by the People of the State of Illinois, represented in the General Assembly: That in case any person shall usurp, intrude into or unlawfully hold or execute any office or franchise, or any office in any corporation created by authority of this State (or any person shall hold or claim to hold or exercise any privilege, exemption of license, which has been improperly or without warrant of law issued or granted by any officer, board, commissioner, court or other person or persons authorized or empowered by law to grant or issue such privilege, exemption or license), or any public officer shall have done, or suffered any act which, by the provisions of law, works a forfeiture of his office, or any association or number of persons shall act within this State as a corporation without being legally incorporated, or any incorporation does or omits any act which amounts to a surrender or forfeiture of its rights and privileges as a corporation, or exercises powers not conferred by law, or if any railroad company doing business in this State, shall charge an extortionate rate for the transportation of any freight or passenger, or shall make any unjust discrimination in the rate of freight or passenger tariff over or upon its railroad, the Attorney-General or State's attorney of the proper county, either of his own accord or at the instance of any individual relator, may present a petition to any court of record of competent jurisdiction, or any judge thereof in vacation, for leave to file an information in the nature of quo warranto in the name of the People of the State of Illinois, and if such court or judge shall be satisfied that there is probable ground for the proceeding, the court or judge may grant the petition, and order the information to be filed and process to issue. When it appears to the court or judge that the several rights of divers parties to the same office or franchise, privilege, exemption or license, may properly determine on one (1) information, the court or judge may give leave to join all such persons in the same information, in order to try their respective rights to such office, franchise, privilege, exemption or license. (As amended by act approved May 27, 1881. In force July 1, 1881. L. 1881, p. 125.

2. Summons-When returnable.) § 2. On the filing of such information, the clerk of the court shall issue a summons in like form as other summons, commanding the defendant to appear at the return term thereof, to answer the relator in an information i nthe nature o fa quo warranto. If the information is filed in vacation, the summons shall be made returnable on the first day of the next succeeding term ; if in term time, it may be made returnable on any day of the same term, not less than five days after the date of the writ, as shall be directed by the court.

3. Service of Summons—By copy of information.) § 3. The summons may be served in the same manner as other summons in suits at law, but if any defendant resides or is out of the State, he may be served with a copy of the information in the same manner and with like effect, and the service may be proved in the same way as provided in the case of bills in chancery. (See “Chancery,” Ch. 22, Sec. 14; L. 1853, p. 181, Secs. 2, 3.

*788. 4. Defendant served must plead, etc.—Default.) § 4. Every defendant who shall be summoned or served with a copy of the information as required in this act, shall be held to demur or plead to the information on the return day of the summons, or when served with a copy of the information at the expiration of the time required to be given, or within such further time as may be granted by the court, or in default thereof, judgment may be taken nil dicit. R. S. 1845, p. 429, § 1.

5. Time to plead, etc.) § 5. The court in which any information, as aforesaid, is filed, may allow the relator or any defendant such convenient time to plead, reply or demur, as it shall deem just and reasonable.

6. Judgment.) § 6. In case any person or corporation against whom any such information is filed is adjudged guilty, as charged in the information, the court may give judgment of ouster against such person or corporation from the office or franchise, and fine such person or corporation for usurping, intruding into or unlawfully holding and executing such office

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