Illinois Clauses Relating to Dividends, Distributions: A Detailed Description In Illinois, Clauses Relating to Dividends, Distributions are legal provisions that govern the payment and allocation of profits or income to shareholders in a corporation. These clauses are typically included in the company's articles of incorporation or bylaws, and they outline the specific rules, requirements, and procedures regarding dividend distribution. 1. Dividend Clauses: — Mandatory Dividend Clause: This type of clause mandates that the corporation must distribute dividends to its shareholders. It specifies the conditions under which dividends are required to be paid, such as a certain percentage of profits or a specific period of time since the last dividend distribution. — Discretionary Dividend Clause: This clause allows the corporation's board of directors to exercise their discretion in deciding whether to distribute dividends or not. It provides flexibility to the board to consider various factors like the financial health of the company, future growth prospects, and cash flow requirements before making dividend decisions. 2. Distribution Clauses: — Distribution of Profits Clause: This clause governs the allocation and distribution of any profits generated by the corporation. It outlines the percentage or proportion of profits that will be distributed among the shareholders, providing clarity on their entitlement to the company's earnings. — Liquidation Distribution Clause: In the event of the corporation's dissolution or liquidation, this clause specifies the order and priority in which the remaining assets will be distributed. It ensures that shareholders are properly compensated after all debts, liabilities, and preferred stock obligations have been settled. Key Keywords: — Illinois Dividend Clause— - Illinois Distribution Clauses — Illinois Clauses Relating to Dividends — Illinois Clauses Relating to Distributions — Mandatory Dividend Claus— - Discretionary Dividend Clause — Distribution of Profits Claus— - Liquidation Distribution Clause — Shareholder entitlement to dividend— - Dividend distribution rules in Illinois — Illinois corporation dividend regulations It is important to note that specific legal advice from a qualified attorney should always be sought for accurate and up-to-date information on Illinois Clauses Relating to Dividends, Distributions, as laws and regulations may vary and evolve over time.
Illinois Clauses Relating to Dividends, Distributions
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(1) Every domestic company shall keep its books, records, documents, accounts and vouchers in such manner that its financial condition, affairs and operations can be ascertained and so that its financial statements filed with the Director can be readily verified and its compliance with the law determined and may cause ...
(a) A person is justified in the use of force against another when and to the extent that he reasonably believes that such conduct is necessary to prevent or terminate such other's trespass on or other tortious or criminal interference with either real property (other than a dwelling) or personal property, lawfully in ...
[1] A person [(knows) (acts knowingly with regard to) (acts with knowledge of)] the nature or attendant circumstances of his conduct when he is consciously aware that his conduct is of that nature or that those circumstances exist.
Insurance companies owe a duty of good faith and fair dealing to their policyholders in Illinois. Insurers must investigate claims, pay for valid claims covered by the policy, defend the insured, and uphold the terms of the insurance policy. Their failure to perform these duties may constitute insurance bad faith.
The Illinois Income Tax Act states that a ?tax measured by net income is hereby imposed on every individual, corporation, trust and estate for each taxable year ending after July 31, 1969, on the privilege of earning or receiving income in or as a resident of this State.? 35 ILCS 5/201(a).
(b) A complaint in a proceeding brought in the right of a corporation must allege with particularity the demand made, if any, to obtain action by the directors and either why the complainant could not obtain the action or why he or she did not make the demand.
(a) This Act governs the ascertainment of income and principal and the apportionment of receipts and expenses in all cases where a trust is established unless otherwise stated hereinafter, to the extent not inconsistent with the provisions of the instrument.
720 ILCS 5/16-2 provides that theft of lost or mislaid property can be punished by fine only. If found guilty of this crime, the defendant cannot be incarcerated. Basically, the law imposes a duty on someone who comes upon lost property to notify the owner that he found it.