Illinois General Assembly - Illinois Compiled Statutes

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215 ILCS 5/21

(215 ILCS 5/21) (from Ch. 73, par. 633)

(Section scheduled to be repealed on January 1, 2027)

Sec. 21. Subscription agreement.

(1) The company and each subscriber shall enter into an agreement for
the subscription to the shares of the company and such agreement shall also
constitute an agreement between the several subscribers. It shall state:

(a) the price of the shares, terms, time, and medium

of payment therefor;

(b) the part of the price that may be used for

commission, promotion, organization, and other expenses;

(c) the name of the bank or trust company in this

State in which the funds or securities are to be deposited pending the completion of the organization of the company; and

(d) that the total cash or securities received in

payment will be returned to the subscribers who have made such payments in the event the organization of the company is not completed.

(2) Subscriptions to shares shall be irrevocable unless subscribers
representing 50% or more of the amount subscribed consent to
the revocation.

(3) Any subscription agreement may provide for payment in installments
but in the case of subscriptions prior to the issuance of a certificate of
authority to the company, such installments shall not extend beyond 2 
years from the date of the permit of the Director authorizing the
solicitation of subscriptions.

(Source: P.A. 100-863, eff. 8-14-18.)