(215 ILCS 5/22) (from Ch. 73, par. 634)
(Section scheduled to be repealed on January 1, 2027)
Sec. 22.
Payments
for shares-Promotion expenses.
The net proceeds of all subscriptions to shares prior to the issuance of
a certificate of authority to the company to transact business shall not be
less than the paid up capital specified in the articles of incorporation
and the required paid-in surplus. Payments upon subscriptions shall be made
only in cash or securities that are eligible for investment under Article
VIII. The part of the subscription price, that may be used for
commission, promotion, organization, and other expenses, in no event shall
be in excess of 15% of the amount collected on the respective subscriptions
and in no case shall such expenses be paid out of the subscription proceeds
until such time as the sale of all of the shares constituting the offering
has been completed.
(Source: Laws 1961, p. 3735.)
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