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| | SB1098 Engrossed | | LRB098 05367 WGH 35401 b |
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| 1 | | AN ACT concerning business.
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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 Business Corporation Act of 1983 is amended |
| 5 | | by changing Section 12.80 as follows:
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| 6 | | (805 ILCS 5/12.80) (from Ch. 32, par. 12.80)
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| 7 | | Sec. 12.80. Survival of remedy after dissolution. The |
| 8 | | dissolution
of a corporation either (1) by filing articles of |
| 9 | | dissolution in accordance
with Section 12.20 of this Act, (2) |
| 10 | | by the issuance of a
certificate of dissolution in accordance |
| 11 | | with Section 12.40 of this Act, (3) by
a judgment
of |
| 12 | | dissolution by a circuit court of this State, or (4) by
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| 13 | | expiration of
its period of duration, shall not take away nor |
| 14 | | impair any civil remedy
available to or against such |
| 15 | | corporation, its directors, or shareholders,
for any right or |
| 16 | | claim existing, or any liability accrued or incurred, either |
| 17 | | prior to, at the time of, or after such
dissolution if action |
| 18 | | or other proceeding thereon is commenced within five
years |
| 19 | | after the date of such dissolution. Any such action or |
| 20 | | proceeding by
or against the corporation may be prosecuted or |
| 21 | | defended by the corporation
in its corporate name. This |
| 22 | | provision does not extend any applicable statute of |
| 23 | | limitations.
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