(805 ILCS 310/23) (from Ch. 32, par. 327)
Sec. 23.
Every assignment or transfer of stock shall be recorded in the
books of the association, and each shareholder shall be liable jointly with
the association as well as severally, for the debts of the association only
to the extent of the amount that may be unpaid upon the share or shares
held by him. No assignor of a share or shares shall be released from any
such indebtedness by reason of the assignment of his share or shares, but
shall remain liable jointly with the assignee and the association, or
severally until the stock is fully paid up.
No assignment shall be made to any person who already holds shares of
stock to the limit provided for in this Act and any assignment of stock
shall be made only with the approval of a majority of the directors, and no
transfer of stock shall be made except by the consent of the directors as
shown on the records of the association: Provided, that any person
demanding the assignment or transfer of any share or shares in such
association to himself shall have the right to appeal from the action of
the board of directors, to the members of the association at its first
regular or special meeting thereafter, and ask that he be admitted to the
association as a shareholder, and the action of the shareholders at such
meeting shall be final; and also provided that such shareholders shall not
have the power to direct the transfer of stock to any person in excess of
the amount which such individual shareholder may hold under the terms of
this Act.
(Source: Laws 1915, p. 325.)
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