Illinois Compiled Statutes 205 ILCS 205/5003 – Capital stock; nature
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Capital stock shall constitute a secondary reserve out of which losses shall be paid after all other available reserves have been exhausted and shall have a par value of $1 each or a greater amount as the articles of incorporation may prescribe. The shares shall be:
(1) Nonwithdrawable, except as provided in Section
(1) Nonwithdrawable, except as provided in Section
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5005, until all liabilities of the savings bank have been satisfied in full, including payment of the withdrawal value of all deposit accounts.
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(2) Entitled to dividends only as provided in Section
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5008.
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(3) Issued only upon cash payment of not less than
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the par value thereof; in connection with a merger, sale of all assets, or conversion; or as stock dividends as provided in Section 5008.
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Terms Used In Illinois Compiled Statutes 205 ILCS 205/5003
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.