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Business Assoctiations Keyed to Gabalson, 3rd Ed.
Galler v. Galler
Citation:
32 Ill. 2d 16, 203 N.E.2d 577 (1964)Facts
Benjamin and Isadore Galler were brothers who owned and operated Galler Drug Company, a wholesale drug business. From 1919 to 1924, they operated as partners before incorporating under the Illinois Business Corporation Act, with each owning half of the 220 outstanding shares. In July 1955, the brothers and their wives executed a shareholders’ agreement designed to protect their families financially and ensure equal corporate control after either brother’s death. The agreement provided for a four-person board of directors (the brothers and their wives), mandatory annual dividends of $50,000 (provided a $500,000 surplus was maintained), salary continuation payments to a widow, and other provisions governing corporate management. After Benjamin suffered several health crises and ultimately died in December 1957, Isadore and his family refused to honor the agreement despite having secretly decided before Benjamin’s death not to comply with it. Emma Galler, as trustee of Benjamin’s shares, sued for specific performance of the agreement and an accounting of corporate funds.
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