(Section scheduled to be repealed on January 1, 2027)

135 words·~1 min read·/il/chapter-215/act-5/1-219

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Sec. 52. Voluntary surrender of 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. 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 applications or

subscriptions, have been returned to the applicants or subscribers; and

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