(215 ILCS 5/35.1) (from Ch. 73, par. 647.1)
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.)
Sections: Previous 27.1 28 28.1 28.2 28.2a 29 30 31 32 32.1 33 34 34.1 35 35.1
Last modified: February 18, 2015