(805 ILCS 5/6.25)
(from Ch. 32, par. 6.25)
Consideration for shares.
(a) Shares may be issued for
such consideration as shall be authorized from time to time by the board
of directors through action which establishes a price in cash or other consideration,
or a minimum price or a general formula or method by which the price can be determined.
(b) Upon authorization by the board of directors, the corporation may
issue its own shares in exchange for or in conversion of its outstanding
shares, or may distribute its own shares pro rata to its shareholders or
the shareholders of one or more classes or series to effectuate dividends
or splits provided, that the value fixed by the board of directors in
connection with such dividend or split shall be transferred to paid-in
capital of the corporation and; provided,
that no such issuance of shares of any class or series shall be made to
the holders of shares of any other class or series unless it is either
expressly provided for in the articles of incorporation or authorized
by an affirmative vote of the holders of at least a majority of the outstanding
shares of the class or series in which the distribution is to be made.
(Source: P.A. 84-1412.)