Illinois Compiled Statutes 215 ILCS 5/35B-20 – Requirements of a plan of division
Current as of: 2024 | Check for updates
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(a) A domestic stock company shall not file a plan of division with the Director unless the plan of division has been approved in accordance with:
(1) any applicable provisions of its articles of
(1) any applicable provisions of its articles of
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incorporation and bylaws; and
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(2) all laws of this State governing the internal
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affairs of a domestic stock company that provide for approval of a merger.
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(b) If any provision of the articles of incorporation or bylaws of a domestic stock company requires that a specific number or percentage of board of directors or shareholders approve the proposal or adoption of a plan of merger, or imposes other special procedures for the proposal or adoption of a plan of merger, such domestic stock company shall adhere to such provision in proposing or adopting a plan of division. If any provision of the articles of incorporation or bylaws of a domestic stock company is amended, such amendment shall thereafter apply to a division only in accordance with its express terms.
Terms Used In Illinois Compiled Statutes 215 ILCS 5/35B-20
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- division: means the act by operation of law by which a domestic stock company divides into 2 or more resulting companies in accordance with a plan of division and this Article;
"Dividing company" means a domestic stock company that approves a plan of division pursuant to Section 35B-20;
"Domestic stock company" means a domestic stock company transacting or being organized to transact any of the kinds of insurance business enumerated in Section 4. See Illinois Compiled Statutes 215 ILCS 5/35B-10 - Plan of division: means a plan of division approved by a dividing company in accordance Section 35B-20. See Illinois Compiled Statutes 215 ILCS 5/35B-10
- State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14