Illinois General Assembly - Illinois Compiled Statutes

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815 ILCS 5/2.14

(815 ILCS 5/2.14) (from Ch. 121 1/2, par. 137.2-14)

Sec. 2.14.

"Face amount certificate contract" means any form of "face
amount certificate" or "periodic payment plan certificate" (as so
designated and defined under the Federal Investment Company Act of 1940)
and shall also mean any form of annuity contract (other than an annuity
contract issued by a life insurance company authorized to transact business
in this State), or installment face amount certificate contract, or
installment face amount certificate, or installment participation
certificate, or installment face amount certificate bond, or similar
security evidencing an obligation on the part of the issuer to pay a stated
or determinable sum or sums at a fixed or determinable date or dates more
than twenty-four months after the date of issuance, or to pay the proceeds
of liquidation of an interest in certain specified securities or in a unit
or fund, upon the payment of a single lump sum at the date of issuance, or
in consideration of the payment of periodic installments of a stated or
determinable amount.

(Source: Laws 1961, p. 3663.)