(215 ILCS 5/35.1) (from Ch. 73, par. 647.1)
(Section scheduled to be repealed on January 1, 2027) Sec. 35.1.
Par
value of stock.
No company organized after August 10, 1961 under this Article shall
issue any shares of stock having a par value of less than $1.00 per share.
No company organized under this article whose stock has a par value of
$1.00 or more per share, or after August 10, 1961, whose stock shall be
increased to $1.00 or more per share, shall decrease the par value of its
stock to less than $1.00 per share; and after October 1, 1963, no such
company whose stock has a par value of less than $1.00 per share shall
decrease the par value below the value fixed for it on October 1, 1963. The
restrictions of this Section shall not apply to a decrease in par value
because of any reduction of capital under subsection (2) of Section 34.
(Source: Laws 1963, p. 2765.)
|