Young v. Stevenson
Illinois Supreme Court
Appeal from the Appellate Court for the Third District;—heard in that court on appeal from the Circuit Court of McLean county; the Hon. John H. Moffatt, Judge, presiding. This was assumpsit by the appellant receiver, against the appellee.
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Appeal from the Appellate Court for the Third District;—heard in that court on appeal from the Circuit Court of McLean county; the Hon. John H. Moffatt, Judge, presiding. This was assumpsit by the appellant receiver, against the appellee. The declaration averred the Illinois Building and Loan Association was a corporation organized by virtue of an act of the General Assembly entitled “An act to enable associations of persons to become a body corporate to raise funds to be loaned only among the members of the association,” in force July 1, 1879; that on divers dates between February 17,1894,…
1Opinion of the CourtJustice Boggs
The right of a shareholder to surrender his shares and receive the withdrawal value thereof is a peculiar feature of associations of this character. The statute under which such associations are incorporated secures to the holders of shares of stock therein the right to withdraw such shares under certain specified terms and conditions. It becomes the duty of their boards of directors to adopt by-laws under which the right may be exercised. Withdrawal of stock is but the mode of apportioning to a withdrawing member his share of the assets of the corporation before his stock has reached…
2Cases cited3 opinions
- Bouton v. DementIllinois Supreme Court · 1887
- Lund v. Skanes Enskilda BankIllinois Supreme Court · 1880
- Butterworth v. O'BrienNew York Supreme Court · 1863
3Cited by12 opinions
- Mott v. Western Savings & Loan Ass'nOregon Supreme Court · 1933
- Forte v. ChamberlinSupreme Court of Arkansas · 1910
- Woods v. Wichita Falls Building & Loan Ass'nCourt of Appeals of Texas · 1933
- Columbus Building & Loan Ass'n v. KrieteAppellate Court of Illinois · 1900
- McKee v. Home Savings & Trust Co.Supreme Court of Iowa · 1907
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