(805 ILCS 5/6.40) (from Ch. 32, par. 6.40)
Sec. 6.40.
Liability of subscribers, shareholders, personal representatives
and pledgees.
A holder of or subscriber to shares of a corporation shall be under no
obligation to the corporation or its creditors with respect to such shares
other than the obligation to pay to the corporation the full consideration
for which the shares were issued or to be issued. Any person becoming an
assignee or transferee of shares or of a subscription for shares in good
faith and without knowledge or notice that the full consideration therefor
has not been paid shall not be personally liable to the corporation or its
creditors for any unpaid portion of such consideration.
No person holding shares as executor, administrator,
guardian, trustee, assignee for the benefit of creditors, or receiver shall
be personally liable as a shareholder, but the beneficial owner thereof and
the estate and funds in the custody of the executor, administrator,
guardian, trustee, assignee, or receiver shall be liable for any unpaid
portion of the full consideration for which such shares were
issued or to be issued. No pledgee or other holder of shares as collateral
security shall be
personally liable as a shareholder.
(Source: P.A. 83-1025.)
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