(805 ILCS 30/7) (from Ch. 32, par. 405)
Sec. 7. If any stockholder of any of the companies, parties to the
agreement or agreements provided for in section 4, not voting in favor of
or not acquiescing in such agreement or agreements, objects to the purchase
or lease, or the consolidation and merger, as defined in said agreement or
agreements, he shall give notice of his dissent within thirty days of such
meeting and may demand payment for his stock, and shall thereupon receive
from such corporation in which he shall hold stock, its fair cash value, at
the time when the vote for the agreement or agreements was so cast, and
such corporation shall cancel the same. But if such dissenting stockholder
shall refuse to part with his stock, or if the value of the same cannot be
agreed upon, then such corporation shall, within ninety days of the
time of said meeting, proceed to take and acquire the same and the
interest of said
dissenting stockholder therein, by the exercise of the power and right of
eminent domain, hereby granted to such corporation for that purpose, and
paying to, or tendering to, such dissenting stockholder, or to the county
treasurer for his use, the value of the stock by him held, such value to be
ascertained as of the time aforesaid and to be found and determined in the
manner provided
for the condemnation of property for public use by the exercise of the
right of eminent
domain under the Eminent Domain Act. Any stock
so acquired shall be cancelled by the company
acquiring the same. If such stockholder shall not give notice of his
dissent within thirty days, as aforesaid, he shall be held to have acquiesced
in the agreement aforesaid, and shall be subject thereto.
(Source: P.A. 94-1055, eff. 1-1-07.)
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