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| | 97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
SB1714 Introduced 2/9/2011, by Sen. William R. Haine SYNOPSIS AS INTRODUCED:
| | 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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| | SB1714 | | LRB097 06596 RPM 46681 b |
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| 1 | | AN ACT concerning regulation.
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| 2 | | Be it enacted by the People of the State of Illinois, |
| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Illinois Insurance Code is amended by |
| 5 | | changing Section 41 as follows:
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| 6 | | (215 ILCS 5/41) (from Ch. 73, par. 653)
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| 7 | | (Section scheduled to be repealed on January 1, 2017)
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| 8 | | Sec. 41. Executive
committee. If the the by-laws so |
| 9 | | provide, the board of directors or trustees, by a
resolution |
| 10 | | adopted by a majority of the whole board, may designate three |
| 11 | | or
more of their number to constitute an executive committee, |
| 12 | | which committee
shall, to the extent provided in the resolution |
| 13 | | or in the by-laws, have and
exercise, during the interim |
| 14 | | between the meetings of the board, all of the
authority of the |
| 15 | | board in the management of the company, but the
designation of |
| 16 | | such committee shall not relieve the board or any member
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| 17 | | thereof of any responsibility imposed by law.
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| 18 | | (Source: Laws 1937, p. 696.)
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