Illinois General Assembly - Illinois Compiled Statutes

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215 ILCS 5/27.1

(215 ILCS 5/27.1) (from Ch. 73, par. 639.1)

(Section scheduled to be repealed on January 1, 2027)

Sec. 27.1. Treasury shares.

 "Treasury shares" means (a) shares
of a company which have been issued, have been subsequently acquired
by and belong to the company, and have not, either by reason of
the acquisition or thereafter, been cancelled or restored to the
status of authorized but unissued shares and (b) shares declared
and paid as a share dividend on the shares referred to in clause (a)
or this clause (b) of this Section. Treasury shares shall be
deemed to be "issued" shares but not outstanding shares and shall not be
voted. Shares converted into or exchanged for other shares of the company
shall not be deemed to be treasury shares.

(Source: P.A. 100-863, eff. 8-14-18.)