(805 ILCS 5/6.50) (from Ch. 32, par. 6.50)
Sec. 6.50.
Shareholders' preemptive rights.
(a) The shareholders of a
corporation organized on or after January 1, 1982,
shall have no preemptive rights to acquire unissued shares of the corporation,
or securities of the corporation convertible into or carrying a right to
subscribe to or acquire shares, except to the extent, if any, that such
right is provided
in the articles of incorporation.
(b) The preemptive right of a shareholder to acquire unissued or
treasury shares, whether then or thereafter authorized, of a
corporation organized prior to January 1, 1982 may be limited or denied to the
extent provided in the articles of incorporation.
(c) Unless otherwise provided by its articles of incorporation, any
corporation having preemptive rights may issue and sell its shares to its
employees or to the
employees of any subsidiary corporation, without first offering the same to
its shareholders, for such consideration and upon such terms and conditions
as shall be approved by the holders of two-thirds of its shares entitled to
vote with respect thereto or by its board of directors pursuant to like
approval of the shareholders.
(d) Unless otherwise provided in the articles of incorporation of a
corporation having preemptive rights, shareholders have a preemptive right to
acquire treasury shares to the same extent that they have a preemptive right to
acquire unissued shares.
(Source: P.A. 88-151.)
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