Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process.
Recent laws may not yet be included in the ILCS database, but they are found on this site as
Public
Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the
Guide.
Because the statute database is maintained primarily for legislative drafting purposes,
statutory changes are sometimes included in the statute database before they take effect.
If the source note at the end of a Section of the statutes includes a Public Act that has
not yet taken effect, the version of the law that is currently in effect may have already
been removed from the database and you should refer to that Public Act to see the changes
made to the current law.
(805 ILCS 5/15.50) (from Ch. 32, par. 15.50)
Sec. 15.50.
License fees payable by foreign corporations.
For the privilege of exercising its authority to transact business
in this State as set out in its application therefor or any amendment
thereto, the Secretary of State shall charge and collect from each foreign
corporation the following license fees, computed on the basis and at the
rates prescribed in this Act:
(a) An initial license fee at the time of filing its application for
authority to transact business in this State whenever the
application indicates the corporation commenced transacting business prior
to January 1, 1991.
(b) Except as otherwise provided in paragraph (e) of this Section, an
additional license fee at the time of filing (1) a report of the
issuance of additional shares, or (2) a report of an increase in paid-in
capital without the issuance of shares, or (3) a report of cumulative
changes in paid-in capital or of an exchange or reclassification of shares,
whenever the report discloses an increase in the amount represented in
this State of its paid-in capital over the greatest amount thereof
theretofore reported in any document required by this Act to be filed in
the office of the Secretary of State.
(c) Except as otherwise provided in paragraph (e) of this Section,
whenever the corporation shall be a party to a statutory merger and
shall be the surviving corporation, an additional license fee at the time
of filing its report following merger, if the
report discloses that the amount represented in this State of its paid-in
capital immediately after the merger is greater than the aggregate of the
amounts represented in this State of the paid-in capital of all of the
merged corporations.
(d) Except as otherwise provided in paragraph (e) of this Section,
an additional license fee payable with the annual franchise tax each year in
which the corporation is required by this Act to file an annual report
whenever the report discloses an increase in the amount represented in
this State of its paid-in capital over the amount previously determined to
be represented in this State in accordance with the provisions of this Act.
(e) The additional license fee referred to in paragraphs (b), (c) and
(d) of this Section shall not be payable with respect to issuances of
shares or increases in paid-in capital that occur subsequent to both
December 31, 1990 and the last day of the third month immediately preceding
the anniversary month of a foreign corporation in 1991 or to an increase
in the amount represented in this State of its paid-in capital over the
amount previously determined to be represented in this State in accordance
with the provisions of this Act.
(Source: P.A. 92-33, eff. 7-1-01.)
|
