There Is a Newer Version of the Illinois Compiled Statutes
2005 Illinois Code - 805 ILCS 105/ General Not For Profit Corporation Act of 1986. Article 6 - Shares; Dividends; Contributions
(805 ILCS 105/106.05) (from Ch. 32, par. 106.05)
Sec. 106.05.
Shares and dividends prohibited.
A
corporation shall not have or issue shares. No dividend
shall be paid and no part of the money, property or other
assets of a corporation shall be distributed to its members,
directors or officers; provided, however, that a corporation
may pay compensation in a reasonable amount to members,
officers or directors for services rendered, including for
service as a director only, and may make distributions
pursuant to Section 109.10 of this Act or upon dissolution
or final liquidation as permitted by Article 12 of this Act.
(Source: P.A. 84‑1423.)
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(805 ILCS 105/106.10) (from Ch. 32, par. 106.10)
Sec. 106.10.
Evidence of contribution.
A contribution
of a member may be evidenced by a written instrument
delivered to the member, but such instrument shall not be
denominated a "share of stock" or by any word or term
implying that the instrument is a share as such term is used
in the Business Corporation Act of 1983 as now in effect or
as hereafter amended.
(Source: P.A. 84‑1423.)
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