Sec. 156.1. Acquisition by exchange of stock permitted.
196 words·~1 min read·
/il/chapter-215/act-5/156-1A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 156.1. Acquisition by exchange of stock permitted. Any domestic stock insurance company may adopt a plan of exchange of the outstanding stock of its stockholders for the consideration herein designated to be paid or provided by a corporation which acquires such stock, in the manner provided in this Article.
The plan of exchange may provide that the acquiring corporation, as consideration for the stock of the domestic corporation,
(1)transfer shares of its stock, or
(2)transfer other securities issued by it, or
(3)pay cash therefor, or
(4)pay or provide other consideration, or
(5)pay or provide any combination of the foregoing types of consideration.
"Acquiring corporation", as used in this Article, means any stock insurance corporation incorporated under this Code or under prior laws of this State relating to the incorporation of domestic insurance corporations; any stock corporation incorporated under the "Business Corporation Act of 1983" or under prior laws of this State authorizing the establishment of business corporations; and any foreign or alien stock corporation qualified to do business in Illinois and registered by the corporation department; and any foreign or alien stock insurance company authorized to do business in Illinois.