805 ILCS 40/2.05

Current through Public Act 103-1059
Section 805 ILCS 40/2.05 - Election of status
(a) A corporation may become a benefit corporation under this Act by amending its articles of incorporation so that they contain a statement that the corporation is a benefit corporationIn order to be effective, the amendment must be adopted by at least the minimum status vote.
(b) For any entity that is a party to a merger or consolidation or is the exchanging entity in a share exchange, where the surviving, new, or resulting entity in the merger, consolidation, or share exchange is intended to be a benefit corporation, such plan of merger, consolidation, or share exchange must be adopted by at least the minimum status vote in order to be effective.

805 ILCS 40/2.05

Added by P.A. 097-0885,§ 2.05, eff. 1/1/2013.