ILCS » Chapter 815 · Act 5
Illinois Compiled Statutes

815 ILCS 5/2.4 (2026)

"Controlling person" means any person offering or selling a security, or group of persons acting in concert in the offer or sale of a security, owning beneficially (and in the absence of knowledge, or reasonable grounds for belief, to the contrary, record ownership shall for the purposes hereof be presumed to be beneficial ownership) either (i) 25% or more of the outstanding voting securities of the issuer of such security where no other person owns or controls a greater percentage of such securities, or (ii) such number of outstanding securities of the issuer of such security as would enable such person, or group of persons, to elect a majority of the board of directors or other managing body of such issuer

✓ current as of May 2026
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(815 ILCS 5/2.4) (from Ch. 121 1/2, par. 137.2-4)
    Sec. 2.4. "Controlling person" means any person offering or selling a security, or group of persons acting in concert in the offer or sale of a security, owning beneficially (and in the absence of knowledge, or reasonable grounds for belief, to the contrary, record ownership shall for the purposes hereof be presumed to be beneficial ownership) either (i) 25% or more of the outstanding voting securities of the issuer of such security where no other person owns or controls a greater percentage of such securities, or (ii) such number of outstanding securities of the issuer of such security as would enable such person, or group of persons, to elect a majority of the board of directors or other managing body of such issuer. In case of unincorporated issuers, "controlling person" means any person offering or selling a security, or group of persons acting in concert in the offer or sale of a security, who directly or indirectly controls the activities of the issuer.
(Source: P.A. 84-869.)

    
Notes of Decisions
Cited in 1 case, 1993–1993 · leading case: Wanless v. Burke, 625 N.E.2d 386 (Ill. App. Ct. 1993).
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Wanless v. Burke, 625 N.E.2d 386 (Ill. App. Ct. 1993). “(815 ILCS 5/2.4 (West 1992).) The only entity in which defendant Burke had any interest was Underhill.”
Annotations are extracted automatically from the opinions in the Syfert caselaw corpus and ranked by authority, recency, and treatment. Dots show Syfertize treatment of the citing case itself.