(805 ILCS 315/15.2)
(from Ch. 32, par. 454.2)
No association shall issue stock until it has been fully paid
for. Promissory notes may be accepted by the association as full or partial
payment of the stock. The association shall hold the stock as security for
the payment of the note, but such retention as security shall not affect
the right of any stockholder to vote unless such notes are past due.
(Source: Laws 1967, p. 3777.)