(805 ILCS 5/15.55) (from Ch. 32, par. 15.55)
Sec. 15.55.
Basis of computation of license fee payable by foreign
corporations.
(a) The basis for the initial license fee payable by a foreign
corporation shall be the amount represented in this State, determined in
accordance with the provisions of this Section, of its paid-in capital
whenever the application for authority indicates the
corporation commenced transacting business in this State prior to January
1, 1991.
(b) The basis for an additional license fee payable by a foreign
corporation, except in the case of a statutory merger, shall be the
increased amount represented in this State, determined in accordance
with the provisions of this Section, of its paid-in capital
as disclosed by the annual report, by any report of issuance of additional
shares, or of an increase in paid-in capital without the issuance of
shares, or of an exchange or reclassification of shares, or of cumulative
changes in paid-in capital, but the basis shall not include any increases
in its paid-in capital represented in this State that occur
after both December 31, 1990 and the last
day of the third month immediately preceding its anniversary month in 1991.
(c) Whenever a foreign corporation shall be a party to a statutory
merger
that becomes effective either prior to January 1, 1991 or
on or prior to the last day of the third month
immediately preceding the surviving corporation's anniversary month in
1991 and shall be the surviving corporation, the basis for an additional
license fee shall be the increased amount represented in this State,
determined in accordance with the provisions of this Section,
of the paid-in capital of the surviving corporation
immediately after the merger over the aggregate of the amounts
represented in this State of the paid-in capital of the merged corporations.
(d) For the purpose of determining the amount represented in this State
of the paid-in capital of a foreign corporation that shall be a party to
a statutory merger that becomes effective either prior to
January 1, 1991 or on or prior to the last day of
the third month immediately preceding the surviving corporation's
anniversary month in 1991, the amount represented in this State shall be
that proportion of its paid-in capital that the sum of (1) the value of
its property located in this State and (2) the gross amount of business
transacted by it at or from places of business in this State bears to the
sum of (1) the value of all of its property, wherever located, and (2) the
gross amount of its business, wherever transacted.
(e) The proportion represented in this State of the paid-in
capital of a foreign corporation shall be determined
from information contained in the latest annual report of the
corporation on file on the date the particular increase in paid-in
capital is shown to have been made, or, if no annual
report was on file on the date of the increase, from information
contained in the application of the corporation for
authority to transact business in this State, or, in case of a merger
that becomes effective either prior to January 1, 1991 or on or prior to
the last day of the third month immediately preceding the surviving
corporation's anniversary month in 1991, from information contained in the
report of the surviving corporation of the amount of its paid-in capital
following the merger.
(f) No basis under this Section may consist of any redeemable preference
shares sold to the United States Secretary of Transportation under Sections
505 and 506 of Public Law 94-210.
(Source: P.A. 92-33, eff. 7-1-01.)
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