Illinois § 5003
Full text of Illinois Illinois Compiled Statutes § 5003, with citation guidance and answers to common questions.
§ 5003.
Capital stock; nature. Capital stock shall constitute a secondary reserve out of which losses shall be paid after all other available reserves have been exhausted and shall have a par value of $1 each or a greater amount as the articles of incorporation may prescribe. The shares shall be: (1) Nonwithdrawable, except as provided in Section 5005, until all liabilities of the savings bank have been satisfied in full, including payment of the withdrawal value of all deposit accounts. (2) Entitled to dividends only as provided in Section 5008. (3) Issued only upon cash payment of not less than the par value thereof; in connection with a merger, sale of all assets, or conversion; or as stock dividends as provided in Section 5008. (Source: P.A. 86-1213.)
Frequently Asked Questions About Illinois § 5003
What does Illinois Compiled Statutes § 5003 cover?
Section 5003 is part of the Illinois Compiled Statutes, the codified statutory law of Illinois. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Illinois § 5003?
A common citation format is "Illinois Compiled Statutes § 5003" (Illinois). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Illinois law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Illinois official source linked on this page or consult a licensed Illinois attorney.
How does Illinois § 5003 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Illinois can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Illinois.