Green v. Board of Trade (174 Ill. 585, 1898)

Mr. Justice Phillips

delivered the opinion of the court:

Appellant filed his bill against appellee to enjoin it from trying him for a violation of its by-laws. The bill avers that the appellee is a public corporation owning property of the value of $1,500,000, and is carried on for the pecuniary profit of its members; that appellant is a member in good standing and is innocent of the charges made against him; that the eighteen directors are the judges who must pass on the charges against appellant; that a committee of three of these directors was appointed, under a by-law, to investigate charges against appellant, and without his knowledge and without notice to him examined sworn witnesses, whose testimony was-reported, and preferred charges against him for a violation of the rules of the board. The bill then alleges there is no warrant in the by-laws for such committee proceeding in the way it did; that if such course was to be pursued he had a right to notice of such examination and to be present and defend himself, and should be allowed the assistance of counsel; that a by-law deprived him of that right, and that such by-law was illegal and void; that appellant has pending contracts with clients and customers for the future delivery and purchase of grain amounting to $75,000, upon which he received $20,000 margins and paid out to others $10,000, and if expelled he cannot fulfill his contracts; that he was summoned to appear and stand trial on three days’ notice when he was sick and unable to attend, and if expelled the injury to him will be irreparable. The bill prayed for an injunction restraining the board of trade from trying or attempting to try him for dealing in differences on fluctuations in the market price of commodities without a bona fide purchase or sale of property for actual delivery, or from trying" him for making or reporting false and fictitious purchases and sales, and from disciplining, suspending or expelling him.

Appellee filed an answer, which admits that it is a corporation; avers that it is not organized for pecuniary profit, but is a voluntary association, and states its object substantially as alleged in the bill; avers it was authorized by its charter to make rules, regulations and by-laws for its government, and to admit to membership or expel therefrom such persons as it may see fit, in the manner prescribed by its rules, regulations and by-laws, by which it is shown that the board of directors of appellee consists of eighteen members, one of whom is its president and two are its vice-presidents; that when any member shall violate any of the rules, regulations or by-laws