(805 ILCS 310/12) (from Ch. 32, par. 316)
Sec. 12.
In case the cash value of such purchased business exceeds five
hundred dollars, the directors of the association are authorized to hold
the shares in excess of five hundred dollars in trust for the vendor or his
assignee and dispose of the same to such persons, and within such times as
may be mutually satisfactory to the parties in interest, and to pay the
proceeds thereof as currently received to the former owner of said shares.
Certificates of stock shall not be issued to any subscriber until fully
paid, but the by-laws of the association may allow subscribers to vote as
shareholders: Provided, part of the stock subscribed has been paid in cash.
(Source: Laws 1915, p. 325.)
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