Sec. 181. Articles of reorganization.

162 words·~1 min read·/il/chapter-215/act-5/181

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

(1)The board of directors, trustees or other governing body of any such company desiring to reorganize under this Article shall comply with all laws and requirements of its domiciliary state or country with reference to reorganization under the laws of another state or country.

(2)Such board of directors, trustees or other governing body shall adopt a resolution approving articles of reorganization setting forth:

(a)the name of the company; and if the name of the company upon reorganization is to be changed, the proposed name of the reorganized company;

(b)the title of the act under which it was organized or incorporated;

(c)the matters required to be set forth in original articles of incorporation of a similar domestic company;

(d)that it shall be bound by all the terms and provisions of this Code, applicable to similar domestic companies organized or incorporated thereunder; and

(e)such other particulars as are deemed necessary or advisable.