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93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004
SB2951
Introduced 2/6/2004, by Frank C. Watson SYNOPSIS AS INTRODUCED:
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215 ILCS 5/41 |
from Ch. 73, par. 653 |
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Amends the Illinois Insurance Code. Makes a technical change in a Section
concerning the executive committee of domestic mutual companies.
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A BILL FOR
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SB2951 |
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LRB093 21034 SAS 47050 b |
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| AN ACT in relation to insurance.
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| Be it enacted by the People of the State of Illinois, |
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| represented in the General Assembly:
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| Section 5. The Illinois Insurance Code is amended by |
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| changing Section 41 as
follows:
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| (215 ILCS 5/41) (from Ch. 73, par. 653)
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| Sec. 41. Executive
committee.
If the by-laws so provide, |
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| the board of directors or trustees, by a
resolution adopted by |
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| a majority of the whole board, may designate 3
three or more of |
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| their number to constitute an executive committee, which
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| committee shall, to the extent provided in the resolution or in |
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| the by-laws,
have and
exercise, during the interim between the |
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| meetings of the board, all of the
authority of the board in the |
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| management of the company, but the
designation of such |
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| committee shall not relieve the board or any member
thereof of |
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| any responsibility imposed by law.
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| (Source: Laws 1937, p. 696.)
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