(205 ILCS 205/5003) (from Ch. 17, par. 7305-3)
Sec. 5003.
Capital stock; nature.
Capital stock shall constitute a secondary reserve out of
which losses shall be paid after all other available reserves have
been exhausted and shall have a par value of $1 each or
a greater amount as the articles of incorporation may prescribe.
The shares shall be:
(1) Nonwithdrawable, except as provided in Section |
| 5005, until all liabilities of the savings bank have been satisfied in full, including payment of the withdrawal value of all deposit accounts.
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(2) Entitled to dividends only as provided in Section
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(3) Issued only upon cash payment of not less than
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| the par value thereof; in connection with a merger, sale of all assets, or conversion; or as stock dividends as provided in Section 5008.
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(Source: P.A. 86-1213.)
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