Ill. Admin. Code tit. 38 § 1075.1850

Current through Register Vol. 48, No. 50, December 13, 2024

Section 1075.1850 - Voting Members Who Are Not Eligible Account Holders

a) Voting members who are not either eligible account holders or supplemental eligible account holders may receive, without payment, nontransferable subscription rights to purchase capital stock in an amount equal to the greater of the maximum purchase limitation established for the public offering or direct community offering, or one-tenth of one percent of the total offering of shares.

1) Subscription rights received pursuant to this Section shall be subordinated to all rights received by employee stock benefit plans, eligible account holders and supplemental account holders to purchase shares pursuant to Sections 1075.1835, 1075.1840, and 1075.1845.

2) In the event of an oversubscription to capital stock pursuant to this Section, shares shall be allocated among the subscribing voting members on such equitable basis as may be provided in the plan of conversion.

b) When a conversion plan is effected pursuant to Section 1075.2170, the total number of shares refers to that number of shares not sold to the acquiror or acquirors designated in the plan.

Ill. Admin. Code tit. 38, § 1075.1850

Added at 17 Ill. Reg. 8894, effective June 7, 1993