Opinion
Gen. No. 42,565. (Abstract of Decision.)
Opinion filed June 30, 1944
CORPORATIONS, § 441 — when corporate reorganization trust agreement not invalid under Constitution. Corporate reorganization trust agreement under which owners of bonds in old corporation received in lieu thereof certificates of beneficial interest in trust and trustees were given full legal title to all capital stock of new corporation and full power to exercise all rights of absolute owners including the right to vote stock held not repugnant to and prohibited by Article XI, § 3 of. Constitution, and trustees had the power to make lease for 10 years of the premises involved in trust.
See Callaghan's Illinois Digest, same topic and section number.
Appeal from the Superior Court of Cook county; the Hon. OSCAR NELSON, Judge, presiding.
Decree affirmed. Heard in the third division, first district, this court at the December term, 1942.
Shulman, Shulman Abrams, of Chicago, for appellant;
Meyer Abrams, of Chicago, of counsel.
Nash, Ahern, McDermott McNally, and David H. Brill, all of Chicago, for certain appellees;
Martin J. McNally and Jacob G. Grossberg, both of Chicago, of counsel.
Not to be published in full. Opinion filed June 30, 1944.