(225 ILCS 720/6.04) (from Ch. 96 1/2, par. 7906.04)
Sec. 6.04.
Cancellation.
A bond with separate surety filed in accordance
with this Article shall not be cancelled by the surety except after not
less than 90 days notice to the Department. A surety shall not at any time
cancel any portion of a bond covering land already affected. If the license
to do business in Illinois of any surety on a bond filed with the Department
pursuant to this Act shall be suspended or revoked, the operator, within
30 days after receiving notice thereof from the Department, shall substitute
for such surety a good and sufficient corporate surety licensed to do business
in Illinois. On failure of the operator to make substitution of surety
as herein provided, the Department may suspend the permit of the operator
until such substitution has been made.
(Source: P.A. 81-1015.)
|