Citations
- 48 Ill. App. 429
Full opinion text
Opinion
by the Court.
Appellee recovered a judgment against appellant for $30, being the amount of payments made by the appellee as a stockholder in the appellant corporation. That corporation holds a charter from the State of Hew Hampshire, authorizing it to transact, in that and other States, the business of a Homestead and Loan Association.
Pursuant to the charter and by-laws, local clubs or branches might be formed whenever a sufficient number of shareholders could he obtained. Such a club was formed in Springfield, in the year 1891.
The appellee subscribed for five shares, and made the first payment of one dollar per share thereon, through one Charles Werner, who assumed to represent the corporation.
A certificate of stock was furnished by the corporation, through said Werner, and the appellee made five subsequent monthly payments thereon, four of them to Werner, who assumed to act as treasurer of the local club, and one to Coe, who, it is conceded, was such treasurer. Having become dissatisfied with the course of things the appellee desired to withdraw from the company, and to he reimbursed the money he had paid in on his stock.
The by-laws of the corporation provide, that after twenty-four payments have been made by a shareholder, his certificate shall be redeemable in cash, i.