Sec. 302. Plan of domestication.

183 words·~1 min read·/il/chapter-805/act-415/302

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

(a)A domestic entity may become a foreign entity in a domestication by approving a plan of domestication. The plan must be in a record and contain:

(1)the name and type of the domesticating entity;

(2)the name and jurisdiction of organization of the domesticated entity;

(3)the manner of converting the interests in the domesticating entity into

interests, securities, obligations, rights to acquire interests or securities, cash, or other property, or any combination of the foregoing;

(4)the proposed public organic document of the domesticated entity if it is a filing

entity;

(5)the full text of the private organic rules of the domesticated entity that are

proposed to be in a record;

(6)the other terms and conditions of the domestication; and

(7)any other provision required by the law of this State or the organic rules of the

domesticating entity.

(b)A plan of domestication may contain any other provision not prohibited by law.

(c)The entity shall maintain the plan of domestication in accordance with the entity's policy for maintaining books and records.