Illinois § 5003 Capital stock; nature

Illinois Statutes

§ 5003 — Capital stock; nature

Illinois·Topic REGULATION·Ch. 205 FINANCIAL REGULATION·Act 205 ILCS 205/ Savings Bank Act.·Art. Article 5 - Capital

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 5005, until all liabilities of the savings bank have been satisfied in full, including payment of the withdrawal value of all deposit accounts.

(2)Entitled to dividends only as provided in Section 5008.

(3)Issued only upon cash payment of not less than 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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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 5005, until all liabilities of the savings bank have been satisfied in full, including payment of the withdrawal value of all deposit accounts. (2) Entitled to dividends only as provided in Section 5008. (3) Issued only upon cash payment of not less than 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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