BARBARA M. TESCHNER, Appellant, v. CHICAGO TITLE AND TRUST COMPANY et al., Appellees, 59 Ill. 2d 452

Summary

The corporation and its majority shareholder proceeded under the provisions of the Illinois Business Corporation Act (Act), and, considering the record, the court held that the lower court properly entered judgment for them. Although minority shareholders were not denied relief under all circumstances when the majority proceeded under the provisions of the Act, the court found that the minority shareholder failed to show grounds for the relief sought. The Act authorized the corporation to amend its articles, acquire its own shares and reclassify stocks for the purpose of eliminating fractional shares. The Act did not require that the corporation issue certificates for the fractional shares but gave it the authority to pay cash for the shares in lieu of issuing certificates. These statutory provisions existed at the time the minority shareholder acquired her shares, and there was no unconstitutional impairment of contractual rights, a denial of due process, or a denial of equal ...