(805 ILCS 310/3) (from Ch. 32, par. 307)
Sec. 3.
Corporations organized under this act may provide in their by-laws
that when a shareholder is desirous of disposing of his stock, he shall
first give the corporation an opportunity to purchase the same, after
reasonable notice; and nothing in this act shall be construed as
prohibiting or preventing the making of an agreement between the
subscribers or purchasers of such shares that they and each of the
subscribers to the shares of capital stock of such corporation, and
subsequent purchasers of shares shall, before disposing of their shares,
give to the said corporation an opportunity to purchase the same, after
reasonable notice, at the amount paid for said shares to said corporation
and reasonable interest thereon. All shares purchased by the corporation
under the provisions of this section shall be held only for sale to new
shareholders.
(Source: Laws 1915, p. 325.)
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