93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004
HB5851

 

Introduced 2/6/2004, by Michael J. Madigan

 

SYNOPSIS AS INTRODUCED:
 
815 ILCS 5/2.1   from Ch. 121 1/2, par. 137.2-1

    Amends the Illinois Securities Law of 1953. Makes stylistic changes in a Section concerning the definition of security.


LRB093 16904 SAS 42561 b

 

 

A BILL FOR

 

HB5851 LRB093 16904 SAS 42561 b

1     AN ACT concerning business transactions.
 
2     Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
 
4     Section 5. The Illinois Securities Law of 1953 is amended
5 by changing Section 2.1 as follows:
 
6     (815 ILCS 5/2.1)  (from Ch. 121 1/2, par. 137.2-1)
7     Sec. 2.1. Security. "Security" shall mean means any note,
8 stock, treasury stock, bond, debenture, evidence of
9 indebtedness, certificate of interest or participation in any
10 profit-sharing agreement, collateral-trust certificate,
11 preorganization certificate or subscription, transferable
12 share, investment contract, investment fund share, face-amount
13 certificate, voting-trust certificate, certificate of deposit,
14 certificate of deposit for a security, fractional undivided
15 interest in oil, gas or other mineral lease, right or royalty,
16 any put, call, straddle, option, or privilege on any security,
17 certificate of deposit, or group or index of securities
18 (including any interest therein or based on the value thereof),
19 or any put, call, straddle, option, or privilege entered into,
20 relating to foreign currency, or, in general, any interest or
21 instrument commonly known as a "security", or any certificate
22 of interest or participation in, temporary or interim
23 certificate for, receipt for, guarantee of, or warrant or right
24 to subscribe to or purchase, any of the foregoing. "Security"
25 shall does not include mean a mineral investment contract or a
26 mineral deferred delivery contract; provided, however, the
27 Department shall have the authority to regulate these contracts
28 as hereinafter provided.
29 (Source: P.A. 92-308, eff. 1-1-02.)