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Code · Illinois · Chapter 805 — BUSINESS ORGANIZATIONS · Act 180

Sec. 35-22. Revocation of termination.

311 words·~1 min read·/il/chapter-805/act-180/35-22

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Sec. 35-22. Revocation of termination.
(a)A limited liability company may revoke its termination within 90 days after the effective date of termination if the limited liability company has not begun to distribute its assets or has not commenced a proceeding for court supervision of its winding up under Section 35-4.
(b)The limited liability company members or managers may revoke the termination if a majority of members or managers, respectively, approve the revocation.
(c)Within 90 days after the termination has been revoked by the limited liability company, articles of revocation of termination shall be executed and filed in duplicate in accordance with Section 5-45 and shall set forth:
(1)The name of the limited liability company.
(2)The effective date of the termination that was revoked.
(3)A statement that the limited liability company has not begun to distribute its
assets nor has it commenced a proceeding for court supervision of its winding up.
(4)The date the revocation of termination was authorized.
(5)A statement that the limited liability company members or managers revoked the
termination.
(d)When the provisions of this Section have been complied with, the Secretary of State shall endorse the word "Filed" on the duplicate copy of the articles of revocation of termination. Failure of the limited liability company to file the articles of revocation of termination within the time period required in subsection
(c)shall not be grounds for the Secretary of State to reject the filing, but the limited liability company filing beyond the time period shall pay a penalty as prescribed by this Act.
(e)The revocation of termination is effective on the date of filing thereof by the Secretary of State and shall relate back and take effect as of the date of termination and the limited liability company may resume carrying on business as if termination had never occurred.
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