(805 ILCS 315/15.4) (from Ch. 32, par. 454.4)
Sec. 15.4.
No stockholder of an association, organized hereunder,
except an association organized under this Act, or an association as
defined in this Act or one subject to the "General Not for Profit
Corporation Act," as heretofore or hereafter amended, shall own more
than one-twentieth of the authorized common stock of the association;
and an association in its by-laws may limit the amount of common stock
which one member may own to an amount less than one-twentieth of the
authorized common stock. The association shall limit its dividends on
stock, both common and preferred, to any amount not greater than 8 per
centum per annum, on the par value thereof, or if such capital stock is
without par value, then upon the actual cash value of the consideration
received by the association therefor. The association by the vote of its
directors, may establish and accumulate reserves out of earnings,
including a permanent surplus fund as an addition to capital. Net income
in excess of additions to reserves and surpluses so established, shall
be distributed to the members or patrons of the association on the basis
of patronage. Any distribution of reserves and surpluses at any time
shall be made to members or patrons at the time such distribution is
ordered, on the basis of patronage. Any receipts or dividends from
subsidiary corporations, or from stock or other securities owned by the
association, shall be included in the ordinary receipts of the
association.
(Source: P.A. 80-975.)
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