Ill. Admin. Code tit. 38 § 1075.1910

Current through Register Vol. 48, No. 36, September 6, 2024

Section 1075.1910 - Employee Stock Benefit Plan - Priority

a) Employee stock benefit plans in the aggregate have priority to purchase up to 15 percent of the total offering of shares of capital stock before eligible and supplemental eligible account holders and voting members who have subscription rights.

b) In addition to the subscription rights of employee stock benefit plans under subsection (a), management recognition plans and benefit income plans in the aggregate have priority to purchase up to 5% of the total offering of shares of capital stock before eligible and supplemental eligible account holders and voting members who have subscription rights.

Ill. Admin. Code tit. 38, § 1075.1910

Amended at 30 Ill. Reg. 19068, effective December 1, 2006