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Code · Illinois · Chapter 215 — INSURANCE · Act 5

(Section scheduled to be repealed on January 1, 2027)

101 words·~1 min read·/il/chapter-215/act-5/1-76

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(Section scheduled to be repealed on January 1, 2027)
Sec. 12. By-laws.
(1)The incorporators shall adopt by-laws for the company and such by-laws may not be altered, amended, or repealed, prior to the issuance of a certificate of authority to the company, except by written consent of subscribers representing at least two-thirds of the shares subscribed, and the approval of the Director.
(2)After a certificate of authority is issued to a company, the power to make, alter, amend or repeal by-laws shall be vested in the board of directors unless reserved to the shareholders by the articles of incorporation.
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