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JOHNSON v. WHITNEY METAL TOOL CO.

Gen. No. 10,422.

342 Ill. App. 258 (1950)

96 N.E.2d 372

Mildred C. Johnson, Appellee, v. Whitney Metal Tool Company, Appellant.

Appellate Court of Illinois.

Rehearing denied February 8, 1951.

Released for publication February 12, 1951.

Attorney(s) appearing for the Case

HYER, GILL & BROWN, of Rockford, and BELL, BOYD, MARSHALL & LLOYD, of Chicago, for appellant.

MAYNARD & MAYNARD, of Rockford, for appellee.

MR. JUSTICE DOVE delivered the opinion of the court.

At a meeting of the board of directors of the Whitney Metal Tool Company, an Illinois corporation of Rockford, Illinois, held on February 26, 1942, a resolution was adopted giving appellee, Mildred C. Johnson, nee Mildred C. Haegg, an option to purchase a substantial amount of the unissued stock of the company at a par value of $10 per share. This resolution recited that the option was being granted "as a reward...

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