(815 ILCS 5/2.6) (from Ch. 121 1/2, par. 137.2-6)
Sec. 2.6.
"Underwriter" means any person who has purchased a security from
an issuer or a controlling person with a view to, or who offers or sells a
security for an issuer or a controlling person in connection with, the
distribution thereof, or who participates or has a participation in the
direct or indirect underwriting of such distribution; but such term shall
not include a person whose interest is limited to a commission or discount
from an underwriter or dealer not in excess of the usual and customary
distributors' or sellers' commission or discount. An underwriter shall be
deemed to be no longer an underwriter of a security after he or she has
completely disposed of his or her allotment of such security or, if he or
she did not purchase the security, after he or she has ceased to offer and
sell such security for the issuer or controlling person.
(Source: P.A. 84-869.)
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