This office lease provision states that it is an unpermitted assignment for partners to have a change in their share of partnership ownership and thus a default under the lease. Generally, this type of change in ownership is couched in those provisions dealing with changes in share ownerships of corporations.
Illinois Provision Dealing with Changes in Share Ownership of Corporations and Changes in Share Ownership of Partnership
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805 ILCS 5/7.75. Shareholders may inspect and copy certain corporate records and documents after making a demand on the corporation stating with particularity the documents to be inspected. Shareholders must have a proper purpose for making the demand to inspect documents and records.
(b) A complaint in a proceeding brought in the right of a corporation must allege with particularity the demand made, if any, to obtain action by the directors and either why the complainant could not obtain the action or why he or she did not make the demand.
9.20. Reduction of paid-in capital. bankruptcy that specifically directs the reduction to be effected. (b) Notwithstanding anything to the contrary contained in this Act, at no time shall the paid-in capital be reduced to an amount less than the aggregate par value of all issued shares having a par value.
A General Partnership is a formal agreement between two or more people to operate a business together. The partners share the business assets, profits, and debts. Illinois's Uniform Partnership Act (Title 805, Chapter 206 of the Illinois Statutes) governs General Partnerships in the state.
To be precise, Section 7.75 provides a right of shareholder inspection. Our discussion of the common law right or claim to an accounting is here. Any shareholder of record can inspect books, records, and minutes. The purpose of this statutory right is to promote corporate transparency.
The duty of loyalty often arises in circumstances involving conflicts of interest, corporate opportunities, and competing with the corporation. Under Illinois law, an officer must not engage in self-dealing, take secret profits that belong to the corporation, or seize corporate opportunities.
The Illinois Business Take-over Act," passed on September 8, 1977, requires tender offerors for Illinois target corporations to notify the Illinois Secretary of State and the target corporation of the offer's terms twenty days before the offer becomes effective.
9.20. Reduction of paid-in capital. bankruptcy that specifically directs the reduction to be effected. (b) Notwithstanding anything to the contrary contained in this Act, at no time shall the paid-in capital be reduced to an amount less than the aggregate par value of all issued shares having a par value.
