Cantwell v. Welch
Illinois Supreme Court
Appeal from the Branch Appellate Court for the First District;—heard in that court on appeal from the Circuit Court of Cook county; the Hon. John Gibbons, Judge, presiding. This was a bill in chancery for a decree foreclosing a real estate mortgage executed by the appellants to the appellee union.
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Appeal from the Branch Appellate Court for the First District;—heard in that court on appeal from the Circuit Court of Cook county; the Hon. John Gibbons, Judge, presiding. This was a bill in chancery for a decree foreclosing a real estate mortgage executed by the appellants to the appellee union. The appellee union was incorporated May 14, 1890, under the act in force July 1, 1879, and acts amendatory thereof, (Hurd’s Stat. 1899, p. 450,) authorizing the incorporation of mutual building, loan and homestead associations. The appellant John Cantwell subscribed for twenty shares, of the par…
1Opinion of the CourtChief Justice Boggs
- The statute under the authority whereof the appellee corporation was created and has existence, provides that subscriptions to its capital stock shall be made payable in periodical installments, (not exceeding two dollars on each share,) and that payment of such installments shall continue on each share until the same shall reach maturity value or be withdrawn or retired. Subscribers to the capital stock of associations of this character are held to notice of the provisions of the statute, by which alone the corporation has authority to issue stock or transact its business. The statutory…
2Cases cited2 opinions
- King v. International Building, Loan & Investment UnionIllinois Supreme Court · 1897
- Buntain v. BaileyIllinois Supreme Court · 1862
3Cited by6 opinions
- Allen B. Wrisley Co. v. BurkeIllinois Supreme Court · 1903
- Johnson v. BennettIllinois Supreme Court · 1946
- Estey v. Capital Investment, Building & Loan Ass'nMichigan Supreme Court · 1902
- Bell v. City of JolietAppellate Court of Illinois · 1980
- Fidelity Savings Ass'n v. Bank of CommerceWyoming Supreme Court · 1904
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