(Section scheduled to be repealed on January 1, 2027)

120 words·~1 min read·/il/chapter-215/act-5/1-94

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Sec. 27.1. Treasury shares. "Treasury shares" means

(a)shares of a company which have been issued, have been subsequently acquired by and belong to the company, and have not, either by reason of the acquisition or thereafter, been cancelled or restored to the status of authorized but unissued shares and

(b)shares declared and paid as a share dividend on the shares referred to in clause

(a)or this clause

(b)of this Section. Treasury shares shall be deemed to be "issued" shares but not outstanding shares and shall not be voted. Shares converted into or exchanged for other shares of the company shall not be deemed to be treasury shares.