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(805 ILCS 5/6.15) (from Ch. 32, par. 6.15)
Sec. 6.15. Issuance of fractional shares or scrip. A corporation may, but shall not be obliged to, issue a certificate for
a fractional share, and, by action of its board of directors, may in lieu
thereof, pay cash equal to the fair
value of said fractional share, or issue
scrip in registered or bearer form which shall entitle the holder to receive
a certificate for a full share upon the surrender of such scrip aggregating
a full share. A certificate for a fractional share shall, but scrip shall
not unless otherwise provided therein, entitle the holder to exercise fractional
voting rights, to receive dividends thereon and to participate in any of
the assets of the corporation in the event of liquidation. The board of
directors may cause such scrip to be issued subject to the condition that
it shall become void if not exchanged for certificates representing full
shares before a specified date, or subject to the condition that the shares
for which such scrip is exchangeable may be sold by the corporation or by
an agent on behalf of the holder thereof and the proceeds thereof distributed
to the holders of such scrip or subject to any other conditions which the
board of directors may deem
advisable.
For purposes of this Section, "fair value", with respect to the cashout of a fractional share, means the proportionate interest of the fractional share in the corporation, without any discount for minority status or, absent extraordinary circumstance, lack of marketability.
(Source: P.A. 94-889, eff. 1-1-07.)
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