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BRAEBURN SECURITIES CORP. v. SMITH

No. 34811.

15 Ill.2d 55 (1958)

153 N.E.2d 806

BRAEBURN SECURITIES CORPORATION, Appellee, v. ELBERT S. SMITH, Auditor of Public Accounts, et al., Appellants.

Supreme Court of Illinois.

Rehearing denied November 24, 1958.

Attorney(s) appearing for the Case

LATHAM CASTLE, Attorney General, of Springfield, and BENJAMIN S. ADAMOWSKI, State's Attorney, of Chicago, (WILLIAM C. WINES, RAYMOND S. SARNOW, and A. ZOLA GROVES, of counsel,) for appellants.

JOHN A. BUSSIAN, and WILLIAM M. DOTY, both of Chicago, for appellee.

HENRY F. TENNEY, of Chicago, for Illinois Bankers Association, amicus curiae.

Judgment reversed.

Mr. JUSTICE HERSHEY delivered the opinion of the court:

The 70th General Assembly enacted the Bank Holding Company Act of 1957, and the same was approved on July 5, 1957. At the same time the legislature passed, and the Governor approved an amendment to the Business Corporation Act limiting the general powers of corporations organized thereunder in respect to the ownership and control of stock in...

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