|
|
|
|
94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
HB5055
Introduced 1/24/2006, by Rep. Michael J. Madigan - Barbara Flynn Currie - Angelo Saviano SYNOPSIS AS INTRODUCED:
|
|
215 ILCS 5/41 |
from Ch. 73, par. 653 |
|
Amends the Illinois Insurance Code. Makes a technical change in a Section
concerning the executive committee of domestic mutual companies.
|
| |
|
|
|
|
A BILL FOR
|
|
|
|
|
HB5055 |
|
LRB094 14504 RCE 49441 b |
|
|
| 1 |
| AN ACT concerning regulation.
|
| 2 |
| Be it enacted by the People of the State of Illinois, |
| 3 |
| represented in the General Assembly:
|
| 4 |
| Section 5. The Illinois Insurance Code is amended by |
| 5 |
| changing Section 41 as follows:
|
| 6 |
| (215 ILCS 5/41) (from Ch. 73, par. 653)
|
| 7 |
| Sec. 41. Executive
committee.
|
| 8 |
| If the
the by-laws so provide, the board of directors or |
| 9 |
| trustees, by a
resolution adopted by a majority of the whole |
| 10 |
| board, may designate three or
more of their number to |
| 11 |
| constitute an executive committee, which committee
shall, to |
| 12 |
| the extent provided in the resolution or in the by-laws, have |
| 13 |
| and
exercise, during the interim between the meetings of the |
| 14 |
| board, all of the
authority of the board in the management of |
| 15 |
| the company, but the
designation of such committee shall not |
| 16 |
| relieve the board or any member
thereof of any responsibility |
| 17 |
| imposed by law. |
| 18 |
| (Source: Laws 1937, p. 696.)
|