Sec. 5003. Capital stock; nature.
125 words·~1 min read·
/il/chapter-205/act-205/5003·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 5003. Capital stock; nature. 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.