Illinois Compiled Statutes 805 ILCS 415/109 – Appraisal rights
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(a) An interest holder of a domestic converting or domesticating entity is entitled to appraisal rights in connection with the transaction if the interest holder would have been entitled to appraisal rights under the entity’s organic law in connection with a merger in which the interest of the interest holder was changed, converted, or exchanged unless:
(1) the organic law permits the organic rules to
(1) the organic law permits the organic rules to
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limit the availability of appraisal rights; and
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(2) the organic rules provide such a limit.
(b) An interest holder of a domestic converting or domesticating entity is entitled to contractual appraisal rights in connection with a transaction under this Act to the extent provided:
(1) in the entity’s organic rules;
(2) in the plan; or
(3) in the case of a business corporation, by action
Terms Used In Illinois Compiled Statutes 805 ILCS 415/109
- Appraisal: A determination of property value.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
(b) An interest holder of a domestic converting or domesticating entity is entitled to contractual appraisal rights in connection with a transaction under this Act to the extent provided:
(1) in the entity’s organic rules;
(2) in the plan; or
(3) in the case of a business corporation, by action
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of its governors.
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(c) If an interest holder is entitled to contractual appraisal rights under subsection (b) and the entity’s organic law does not provide procedures for the conduct of an appraisal rights proceeding, Section 11.65 of the Business Corporation Act of 1983 applies to the extent practicable or as otherwise provided in the entity’s organic rules or the plan.