Sec. 164. Removal of property of domestic, merged or consolidated company from this State.
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/il/chapter-215/act-5/164A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 164. Removal of property of domestic, merged or consolidated company from this State.
(1)If the surviving or new company shall be a foreign or alien company, no property of the domestic merged or consolidated company shall be removed from this State by reason of such merger or consolidation, prior to, nor shall title to such property vest in the surviving or new company until, the merger or consolidation shall become effective in this State as provided in section 163.
(2)Any director or officer of any domestic company removing or permitting the removal of any property of company from this State in violation of this section, shall be guilty of a Class A misdemeanor.