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by him, is such notice as will put the transferee on inquiry to ascertain the true situation, even though the stock was issued "fully paid and non-assessable."

Gillette v. C. T. & T. Co., 230 Ill. 373. A stockholder purchasing stock issued to an original subscriber for stock cannot be held liable to creditors where the stock is issued “fully paid and non-assessable," unless he had knowledge that such stock was not fully paid, or such knowledge as would put an ordinary prudent person upon inquiry.

Gillett v. Chicago T. & T. Co., 230 Ill. 373. Stock issued fully paid, on payment with over-valued property, is not fully paid where creditors are involved, but the difference between the value of the stock and the real value of property taken may be collected. Section 8, Corporation Act.

Parmelee v. Price, 208 Ill. 544. Stock issued fully paid and non-assessable does not make it so. The holder with notice is liable for unpaid balance or where property exchanged is over-valued.

Garden City Sand Co. v. Am. Crematory Co., 205 Ill. 42 (47). Representations by a director that stock he is selling is fully paid up, when he knows it is not paid up, is ground for relief in equity.

Coolidge v. Rhodes, 199 Ill. 24. Contract to issue stock as fully paid, when it is not so in fact, is void as against creditors; but good otherwise.

Bates v. Great Western Tel. Co., 134 Ill. 536 (546). Any device, the purpose of which is to secure stock at less than par, on first subscription, is a fraud on creditors and void as to them. No agreement between subscribers can make stock non-assessable, if not actually paid for in full.

Alling v. Wenzel, 133 I11. 265.

Liability on-Who.
By infants holding.

Wuller v. Chuse Co., 241 Ill. 398.

The legal holder of stock, not the equitable owner, is liable upon such stock.

Winston v. Dorsett Pipe & P. C., 129 III. 64. One subscribing for stock as “trustee” is liable to creditors for same, although he has an agreement with the other subscribers that he is not to be assessed for said stock.

Winston v. Dorsett Pipe & P. Co., 129 Ill. 64 (70). Liability of subscribers for stock cannot be waived or released by the directors as against creditors or other shareholders.

Bouton v. Dement, 123 III. 142.

As trust fund for creditors.

Stock is a trust fund to secure creditors, of which fact stockholders are charged with notice.

Olmstead v. Vance & Jones Co., 196 I11. 236 (241).
Commercial Nat. Bank v. Burch, 141 Ill. 519.

Taxation of.

Rules as to exemption and asssessment.

Con. Coal Co. v. Miller, 236 Ill. 149.



Rights and remedies of-In general.

Stockholders cannot in their own names (or in the corporate name unless authorized) sue out a writ of error in an action against the corporation, in which they were not individually parties.

White Brass Castings Co. v. Metal Co., 232 I11. 165. A stockholder may bring suit in equity for a receiver and accounting where certain directors purchase real estate of themselves at high prices; and change the by-laws so as to enable them to raise their salaries unreasonably or do other acts against the interest of stockholders.

Klein v. Independent Brwg. Co., 231 Ill. 594. The freehold of corporate estate is not involved in an action by a stockholder for an accounting against directors who purchased the real estate of themselves at excessive valuation.

Klein v. Independent Brwg. Co., 231 Ill. 594. Where directors have wrongfully purchased property of themselves at high prices to the injury of other stockholders, any stockholder may by suit in equity have the purchases set aside. Such directors will be liable for interest on the money secured from the corporation in excess of the actual value of the property purchased, but may re-purchase the property at the price paid for it.

Klein v. Independent Brwg. Co., 231 III. 594. A stockholder holding all the stock in a corporation has no proprietary interest in the assets and property of the corporation, upon which to base a suit for an injunction. His right ends with his power to elect officers who shall control the corporate property.

Coal Belt Elec. Ry. Co. v. Peabody Coal Co., 230 III. 164. Any stockholder may file a bill for the purpose of restraining the consummation of a purchase of a controlling interest in the corporation for the purpose of dissolving it and preventing its competition with a corporation purchasing such interest, where the evidence is clear that removal of competition is intended.

Dunbar v. A. T. & T. Co., 224 Ill. 9. A stockholder who in one suit claims to own half of certain stock in controversy, cannot in a subsequent suit claim all such stock belongs to the corporation; being held in trust by the nominal owners.

Leigh v. Nat. Hollow Beam Co., 224 III. 76. A stockholder or any agent of a corporation who performs service in saving the assets and property of the corporation at a critical period, with the knowledge and acquiescence of the other holders, is entitled to compensation although no agreement has been made.

Rosehill Cemetery Co. v. Dempster, 223 Ill. 567 (577). Stockholders may seek an injunction to enjoin an action of mandamus against the corporate officers to compel them to issue stock to a certain stockholder, since not being parties to the mandamus proceedings, they can make no defense.

Hladover v. Paul, 222 III. 254. A stockholder upon whose stock dividends have not been paid for years, although guaranteed to be paid, may begin suit for an accounting and dissolution.

Cratty v. Peoria Law Library Ass'n, 219 III. 516.

Stockholders who pledge their stock to obtain money for the corporation, and the stock is thereby lost, are not entitled to other stock of like value, but are ordinary creditors of the corporation for the amount of stock so lost.

Dempster v. Rosehill Cemetery Co., 206 Ill. 261. A stockholder may seek relief in equity where the majority holders vote themselves large salaries and absorb the profits.

Bixler v. Summerfield, 195 Ill. 147. Stockholders cannot recover part of the profits earned by a commission firm to whom the president had advanced corporate funds-when.

Adams v. Burke, 201 Ill. 395. Stockholders may recover back money paid an officer who has fraudulently had his salary raised.

Adams v. Burke, 201 Ill. 395. Stockholders purchasing stock after the passage of the Consolidation Act allowing corporations to consolidate on a twothirds vote, are bound by the consolidation, and cannot recover payments made for said stock.

Mayfield v. Alton Ry. G. & E. Co., 198 III. 528. Where one stockholder is forced to pay more than his pro rata share of the corporate indebtedness, on a creditor's bill, he may recover the access by action against the other stockholders; or he may file a cross-bill asking that the debt be distributed pro rata.

Singer v. Hutchinson, 183 Ill. 606 (619). Stockholders may have injunction against the sale of all the corporate property to an illegal trust combination, and to set aside deed effecting such a sale.

Harding v. Amer. Glucose Co., 182 Ill. 551 (625). Stockholder may enjoin sale of property that practically dissolves the corporation, although he is paid his share in such sale; if he protest.

Harding v. Amer. Glucose Co., 182 III. 551 (625).

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