Opinion
Gen. No. 44,377. (Abstract of Decision.)
Opinion filed May 24, 1948 Released for publication June 8, 1948
CORPORATIONS, § 559 — complaint alleging violation of Business Corporation Act. Where complaint in suit to enjoin defendants from paying dividends to stockholders of defendant corporation, pursuant to resolution of board of directors, alleged that corporation's stated capital was $330,400, and attached exhibit consisting of corporation's annual report to Secretary of State showed a stated capital of $347,085, and complaint alleged that corporation's net assets at no time exceeded $250,000, such complaint alleged a violation of Business Corporation Act and should not have been dismissed for want of equity, notwithstanding provisions of stock voting trust agreement also attached to complaint as an exhibit (Ill. Rev. Stat. 1947, ch. 32, pars. 157.2, 157.41; Jones Ill. Stats. Ann. 32.002, 32.041).
See Callaghan's Illinois Digest, same topic and section number.
Appeal from the Circuit Court of Cook county; the Hon. JOHN PRYSTALSKI, Judge, presiding.
Reversed and remanded with directions. Heard in the first division, first district, this court at the February term, 1948.
Arthur Abraham, for appellants;
Wm. E. Moran and Sherman Lewis, for appellees;
Irving S. Abrams, of counsel.
Not to be published in full. Opinion filed May 24, 1948; released for publication June 8, 1948.