Sec. 155.01. Interlocking directorates - when prohibited.

149 words·~1 min read·/il/chapter-215/act-5/155-01

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

Any person may be a director in two or more companies which are competitors, provided no person at the same time shall be a director in two or more companies where the effect may be to substantially lessen competition generally or tend to create a monopoly. Whenever the Director has reason to believe that there is a violation of this Section, the Director shall proceed with respect to any person or company deemed by him to be in violation of this Section, in accordance with the provisions of Article XXIV and shall have power to issue an order directing such person or company to cease and desist from such violation within such time, or extension thereof, as may be specified by the Director.

Any such order of the Director shall be subject to review in accordance with the provisions of Article XXIV.