(Section scheduled to be repealed on January 1, 2027)
143 words·~1 min read·
/il/chapter-215/act-5/1-92A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(Section scheduled to be repealed on January 1, 2027)
Sec. 25. 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.