GIBBON v. 3920 LAKE SHORE DRIVE BLDG. CORP

CORPORATIONS, § 533 — restrictions on transfer of stock, reasonableness. In mandamus action to compel transfer of stock on books of corporation, resolution of stockholders requiring stock to be first offered to corporation for sale was intended to apply to sales to strangers, not sales between stockholders such as was involved in instant case, and resolution was also unreasonable because it required an idle act, because after reorganization the corporation had no funds with which to purchase such stock.

Opinion by PRESIDING JUSTICE FRIEND.

"Not to be published in full." Opinion filed May 13, 1941.