Treco, Inc. And Wisconsin Real Estate Investment Trust, Cross-Appellants v. Land of Lincoln Savings and Loan, Cross-Appellee

CUMMINGS, Chief Judge.

On June 24, 1983, plaintiffs purchased approximately ten percent of the outstanding shares of Land of Lincoln Savings and Loan (Lincoln), an association chartered under Illinois law and regulated by the Federal Home Loan Bank Board and the Illinois Commissioner of Savings and Loan Associations. Six days later, on June 30, 1983, two amendments to Lincoln’s bylaws became effective.1 The amendment to bylaw Article XI provided that shareholders could amend Lincoln’s bylaws only by “two thirds vote of the total votes eligible to be east by the stockholders at a legal meeting…