Opinion
Gen. No. 41,528. (Abstract of Decision.)
Opinion filed November 28, 1941
CORPORATIONS, § 528 — return of stok given for qualifying purposes, absence of consideration, injunctive relief. In action to enjoin defendant from voting two shares of stock given to him without consideration, and limited to qualifying use with understanding that same would be returned upon request, failure of defendant to return stock upon request justified trial court in restraining defendant's use of stock which rightfully belonged to stockholder who had given same to defendant for that purpose only, and not for purpose of allowing defendant to gain control of corporate affairs; and defendant's contention, that his services rendered in connection with reduction of corporate mortgage indebtedness entitled him to stock, could not be sustained in absence of corporate by-law authorizing payment thereof in this manner, where defendant was corporate officer and director and received weekly salary from corporation.
See Callaghan's Illinois Digest, same topic and section number.
Appeal from Superior Court of Cook county; Hon. JOHN C. LEWE, presiding.
Affirmed. Heard in second division, first district, this court at October term, 1940.
Milford H. Olds, for appellant;
George L. Pilkington, for appellees.
"Not to be published in full." Opinion filed November 28, 1941.