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Code · Illinois · Chapter 215 — INSURANCE · Act 5

(Section scheduled to be repealed on January 1, 2027)

98 words·~1 min read·/il/chapter-215/act-5/1-241

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(Section scheduled to be repealed on January 1, 2027)
Sec. 70. Organization bonds. The attorney-in-fact shall deliver to the Director two bonds in the same penalties and containing the same provisions, so far as applicable, as the bonds required for the organization of a stock company by Section 16 for the use and benefit of the State of Illinois, subscribers and creditors, or in lieu of delivering such bonds, the attorney-in-fact may deposit cash or securities of the same kind and amount and on the same terms and conditions, so far as applicable, as provided by said Section.
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