(805 ILCS 5/6.20) (from Ch. 32, par. 6.20)
Sec. 6.20.
Subscriptions for shares.
A subscription for shares of
a corporation to be organized
shall be irrevocable for a period of six months unless otherwise provided by the
terms of the subscription agreement, or unless all of the subscribers
consent to the revocation of such subscription. The filing of the articles
of incorporation by the Secretary of State shall constitute acceptance by
the corporation of all existing subscriptions to its shares, and thereupon
subscribers for shares, or their assigns, shall be deemed to be the
shareholders of the corporation, and the corporation shall have the right
to enforce such subscriptions in its own name.
Unless otherwise provided in the subscription agreement, subscriptions
for shares, whether made before or after the organization of a corporation,
shall be paid in full at such time, or in such installments and at such
times, as shall be determined by the board of directors. Any call made by
the board of directors for payment on subscriptions shall be uniform as to
all shares of the same class or as to all shares of the same series, as the
case may be. In case of default in the payment of any installment or call
when such payment is due, the corporation may proceed to collect the amount
due in the same manner as any debt due the corporation. The by-laws may
prescribe other penalties for failure to pay installments or calls that may
become due, but no penalty working a forfeiture of the shares, or of the
amounts paid thereon, shall be declared as against the estate of any
decedent before distribution shall have been made of the estate, or against
any subscriber unless the amount due thereon shall remain unpaid for a
period of twenty days after written demand has been made therefor. If
mailed, such written demand shall be deemed to be made when deposited in
the United States mail in a sealed envelope addressed to the subscriber at
his or her last known post office address, with the postage thereon prepaid. In the
event of the sale of any shares by reason of any forfeiture, the excess of
proceeds realized over the amount due and unpaid on such shares shall be
paid to the delinquent subscriber or to his or her legal representative.
(Source: P.A. 83-1025.)
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