Articles on Business Corporation Act

Fritzche v. LaPlante: Authorization procedures for corporate notes and leases By Charles W. Murdock Business and Securities Law, March 2011 The case demonstrates the importance to corporate counsel of familiarity with the Business Corporation Act in general, and of a particular corporation’s by-laws and board and shareholder minutes in particular.
New Illinois law streamlines corporate filing requirements By Kathryn A. Watson Business and Securities Law, December 2010 A look at recently enacted legislation intended to reduce the costs and redundancy of document filing requirements.
The Illinois Legislature overcorrected Section 12.56(f) of the Illinois Business Corporation Act’s forced buy-out provision for close corporations By Lynn A. Ellenberger Business Advice and Financial Planning, February 2008 In 2005, a little-noticed amendment to the Illinois Business Corporation Act dramatically weakened the election remedy set out in 805 ILCS 5/12.56(f), preventing a shareholder of a closely held corporation, sued in a derivative lawsuit, from forcing a buy-out of plaintiff’s shares.
Case comment: Jahn v. Kinderman By Michael J. Weicher Business Advice and Financial Planning, April 2005 Jahn v. Kinderman discussed several issues related to claims of oppression and deadlock based on Section 12.56 of the Illinois Business Corporation Act.
Oppression and alternative remedies-Is the forced buy-out under 12.56(f) wise policy? By Charles W. Murdock Business and Securities Law, April 2005 The 1983 Illinois Business Corporation Act ("BCA") as enacted, provided, in section 12.55 (805 ILCS 5/12.55), three alternative remedies in lieu of dissolving the corporation that a court could order in a deadlock or oppression or waste of assets situation.

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