Court Opinion

ID: 9859768
Source: CourtListenerOpinion
Date Created: 2023-09-24 22:36:11.425441+00
Date Added: 2024-06-11T11:05:22.278224
License: Public Domain

JUSTICE HARRISON, specially concurring: I agree with the result reached by the majority, but write separately because I disagree with my colleagues’ construction of section 12.55 of the Illinois Business Corporation Act of 1983 (805 ILCS 5/12.55 (West 1992)). Under the plain language of section 12.55, the court may order the corporation to purchase the shares of a complaining shareholder at any time during the pendency of a dissolution action if the complaining shareholder has moved for such relief. As the appellate court correctly held, the statute does not require grounds for dissolution to be proven before this alternative remedy may be applied. 271 Ill. App. 3d at 787. The remedy is available whenever the appropriate allegations have been made to state a claim under section 12.50 of the Act (805 ILCS 5/12.50 (West 1992)) and the shareholder asks to be bought out, as was the case here. There is no basis in the law for requiring a petitioning shareholder to do anything more.