Douglas v. Aurora Daily News Co.
Appellate Court of Illinois
Mandamus. Appeal from the Circuit Court of Kane county; the Hon. Duane J. Carnes, Judge, presiding. Heard in this court at the October term, 1910.
1Opinion of the CourtJustice Thompson
The clause in the certificate that it was transferable only to some person first approved by the board of directors was an illegal restriction upon the right of a stockholder to transfer his stock and one which the corporation had no right to make; hence the appellants cannot urge any valid defense based upon that provision in the certificate.
The answer alleges that the original certificate was issued to Douglas, an employe of the Aurora Daily News, as a gratuity, with the object of making the employes of the paper feel a personal interest in the welfare of the Company. The acceptance of it…
2Cases cited5 opinions
- Republic Life Insurance v. SwigertIllinois Supreme Court · 1890
- Fish v. FarwellIllinois Supreme Court · 1895
- Stearns v. CopeIllinois Supreme Court · 1884
- First National Bank v. Peoria Watch Co.Illinois Supreme Court · 1901
- Heimberger v. Elliot Frog & Switch Co.Illinois Supreme Court · 1910
3Cited by5 opinions
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- Clayton v. James Clow & SonsCourt of Appeals for the Seventh Circuit · 1964
- Howard v. Corn Belt Farmers' Co-operative Ass'nAppellate Court of Illinois · 1922