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610 ILCS 5/13a
(610 ILCS 5/13a) (from Ch. 114, par. 13a)
Sec. 13a.
Any railroad corporation may, with the consent of the
stockholders hereinafter stated, issue and sell, subject, however, to the
provisions of the Illinois Securities Law and amendments thereto, under
such restrictions and terms and for such consideration as the stockholders
shall authorize, any part or all of its unissued stock, or additional stock
authorized pursuant to the provisions of this Act, to employees of the
corporation or of any subsidiary corporation, without first offering such
stock for subscription to its stockholders. Such consent and authorization
may be given at any annual or special meeting of the stockholders by the
affirmative vote of two-thirds in amount of all the shares of stock
outstanding and entitled to vote. If any stockholder not voting in favor of
said issue and sale of stock to employees, so desires, he may, at such
meeting, or within twenty days thereafter, object thereto in writing, to be
filed with the secretary of the corporation, and demand payment for the
stock then held by him, in which case such stockholder or the corporation
may at any time within sixty days after such meeting file a petition in the
Circuit Court of the county in which the principal office of the
corporation is located, asking for a finding and determination of the fair
value of his shares of stock at the date of such stockholders' meeting.
The same procedure shall be followed upon the filing of such a petition,
as near as may be, as is provided for other cases where a stockholder, who
objects to a certain action of a corporation, is permitted to have the
value of his stock fixed by the Circuit Court and is given the power to
compel the corporation to buy the stock at that price. The value of such
shares of stock at such date shall be their market value in case the stock
of such corporation is listed upon any exchange. Upon payment by the
corporation of the value of such shares of stock so determined, such
stockholder shall cease to have any interest in such shares or in the
property of the corporation and his shares of stock shall be transferred to
and may be held and disposed of by the corporation as it shall see fit. The
corporation shall be liable for and shall pay to any such objecting
stockholder the value of his shares of stock so determined.
(Source: P.A. 103-154, eff. 6-30-23.)
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