{"id":4765,"date":"2015-01-23T10:00:27","date_gmt":"2015-01-23T16:00:27","guid":{"rendered":"http:\/\/injury.robertkreisman.com\/?p=4765"},"modified":"2016-07-11T16:05:20","modified_gmt":"2016-07-11T16:05:20","slug":"management-corporations-lodged-board-directors","status":"publish","type":"post","link":"https:\/\/www.robertkreisman.com\/injury-lawyer\/management-corporations-lodged-board-directors\/","title":{"rendered":"How the Management of Corporations is Lodged with the Board of Directors"},"content":{"rendered":"<p>Illinois corporations are governed by the <a href=\"http:\/\/www.ilga.gov\/legislation\/ilcs\/ilcs3.asp?ActID=2273&amp;ChapterID=65\">Illinois Corporation Act <\/a>(805 ILCS 5\/1, et seq.) and by the company\u2019s bylaws. In general, the governing principle of the management and control of the corporation is vested in the board of directors, which has a high duty of loyalty to the shareholders of the corporation. The board of directors has a fiduciary duty to uphold the best interests of the corporation and its owners.<\/p>\n<p>It is not uncommon that the boards of directors of corporations become disenchanted with the president or other officers of a corporation. In a common fact setting, a special meeting of the board of directors is called for the sole purpose of removing the president of the corporation, who also serves as treasurer. There\u2019s not much an officer can do to ward off such a move at the board level. The president then files the lawsuit against the board of directors and the corporation claiming that the resolution by the board removing this officer is a waste of corporate assets.<\/p>\n<p>In that case the court would look to construe the corporation\u2019s bylaws and apply the general rules of contracts, while addressing the <a href=\"http:\/\/law.justia.com\/codes\/illinois\/2005\/chapter65\/2273.html\">Illinois Business Corporation Act<\/a>.<\/p>\n<p> <a href=\"https:\/\/www.robertkreisman.com\/injury-lawyer\/management-corporations-lodged-board-directors\/#more-4765\" class=\"more-link\">Continue reading<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Illinois corporations are governed by the Illinois Corporation Act (805 ILCS 5\/1, et seq.) and by the company\u2019s bylaws. In general, the governing principle of the management and control of the corporation is vested in the board of directors, which has a high duty of loyalty to the shareholders of the corporation. The board of [&hellip;]<\/p>\n","protected":false},"author":795,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"enabled":false},"version":2}},"categories":[49,83],"tags":[],"class_list":["post-4765","post","type-post","status-publish","format-standard","hentry","category-business-litigation","category-corporate-law"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How the Management of Corporations is Lodged with the Board of Directors &#8212; Chicago Injury Lawyer Blog<\/title>\n<meta name=\"description\" content=\"Illinois corporations are governed by the Illinois Corporation Act (805 ILCS 5\/1, et seq.) and by the company\u2019s bylaws. In general, the governing\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.robertkreisman.com\/injury-lawyer\/management-corporations-lodged-board-directors\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"How the Management of Corporations is Lodged with the Board of Directors &#8212; Chicago Injury Lawyer Blog\" \/>\n<meta name=\"twitter:description\" content=\"Illinois corporations are governed by the Illinois Corporation Act (805 ILCS 5\/1, et seq.) and by the company\u2019s bylaws. In general, the governing\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Robert Kreisman\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"How the Management of Corporations is Lodged with the Board of Directors &#8212; Chicago Injury Lawyer Blog","description":"Illinois corporations are governed by the Illinois Corporation Act (805 ILCS 5\/1, et seq.) and by the company\u2019s bylaws. 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In general, the governing","twitter_misc":{"Written by":"Robert Kreisman","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.robertkreisman.com\/injury-lawyer\/management-corporations-lodged-board-directors\/#article","isPartOf":{"@id":"https:\/\/www.robertkreisman.com\/injury-lawyer\/management-corporations-lodged-board-directors\/"},"author":{"name":"Robert Kreisman","@id":"https:\/\/www.robertkreisman.com\/injury-lawyer\/#\/schema\/person\/5e5596abf7be77fdabc788f0a78f042b"},"headline":"How the Management of Corporations is Lodged with the Board of Directors","datePublished":"2015-01-23T16:00:27+00:00","dateModified":"2016-07-11T16:05:20+00:00","mainEntityOfPage":{"@id":"https:\/\/www.robertkreisman.com\/injury-lawyer\/management-corporations-lodged-board-directors\/"},"wordCount":667,"articleSection":["Business Litigation","Corporate Law"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.robertkreisman.com\/injury-lawyer\/management-corporations-lodged-board-directors\/","url":"https:\/\/www.robertkreisman.com\/injury-lawyer\/management-corporations-lodged-board-directors\/","name":"How the Management of Corporations is Lodged with the Board of Directors &#8212; Chicago Injury Lawyer Blog","isPartOf":{"@id":"https:\/\/www.robertkreisman.com\/injury-lawyer\/#website"},"datePublished":"2015-01-23T16:00:27+00:00","dateModified":"2016-07-11T16:05:20+00:00","author":{"@id":"https:\/\/www.robertkreisman.com\/injury-lawyer\/#\/schema\/person\/5e5596abf7be77fdabc788f0a78f042b"},"description":"Illinois corporations are governed by the Illinois Corporation Act (805 ILCS 5\/1, et seq.) and by the company\u2019s bylaws. 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