215 ILCS 5/25

Current through Public Act 103-1052

Section 215 ILCS 5/25 - [Section scheduled to be repealed effective 1/1/2027] Voluntary surrender of the articles of incorporation

At any time prior to the issuance of the certificate of authority to the company the articles of incorporation may be voluntarily surrendered and the company dissolved by written agreement filed with the Director, signed by a majority of the incorporators, and by subscribers representing at least two-thirds of the shares subscribed. Such surrender and dissolution shall become effective only upon the approval thereof by the Director. The Director shall approve the surrender of such articles of incorporation if upon investigation he shall find that:

(a) no insurance business has been transacted by the company;

(b) all sums of money or securities, if any, collected upon subscriptions, have been returned to the subscribers; and

(c) all obligations of the company have been paid or discharged.

215 ILCS 5/25

Amended by P.A. 100-0863,§ 335, eff. 8/14/2018.

Laws 1961, p. 3735.