Sec. 60f. Domestication procedure.
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/il/chapter-215/act-5/60fA research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 60f. Domestication procedure.
(1)Upon compliance with Sections 60e through 60i, any alien company authorized to do business in this State may, with the prior written approval of the Director, domesticate its United States branch by entering into an agreement in writing with a domestic company providing for the acquisition by the domestic company of all of the assets and the assumption of all of the liabilities of the United States branch.
(2)The acquisition of assets and assumption of liabilities of the United States branch by the domestic company shall be effected by filing with the Director an instrument of transfer and assumption in form satisfactory to the Director and executed by the alien company and the domestic company.