Sec. 172. Payment of fees to officer or director prohibited.
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/il/chapter-215/act-5/172A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 172. Payment of fees to officer or director prohibited.
(1)No director or officer of any company party to a merger or consolidation or plan of exchange, except as fully expressed in the agreement of merger or consolidation or plan of exchange shall receive any fee, commission, other compensation or valuable consideration whatever, directly or indirectly for in any manner aiding, promoting or assisting in such merger or consolidation or plan of exchange.
(2)Any person violating the provisions of this Section shall be guilty of a Class A misdemeanor.