(805 ILCS 15/16) (from Ch. 32, par. 646)
Sec. 16.
If the articles of incorporation or by-laws of a corporation
subject to this Act fail to state a price or method of determining a fixed
price at which the corporation or its shareholders may purchase the shares
of a deceased shareholder or a shareholder no longer qualified to own
shares in the corporation, then the price for such shares shall be the book
value as of the end of the month immediately preceding the death or
disqualification of the shareholder. Book value shall be determined from
the books and records of the corporation in accordance with the regular
method of accounting used by the corporation.
(Source: Laws 1963, p. 3513.)
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