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215 ILCS 5/131.23
(215 ILCS 5/131.23) (from Ch. 73, par. 743.23)
Sec. 131.23. Injunctions; prohibitions against voting securities; sequestration of
voting securities. (1) Whenever it appears to the Director that any company or any
director, officer, employee or agent thereof has committed or is about to
commit a violation of this Article or of any rule, regulation, or order
issued by the Director hereunder, the Director may apply to the Circuit
Court for the county in which the principal office of the company is
located or to the Circuit Court for Sangamon County for an order enjoining
the company or the director, officer, employee or agent thereof from
violating or continuing to violate this Article or any rule, regulation or
order, and for any other equitable relief as the nature of the case and the
interests of the company's policyholders, creditors or the
public may require. In any proceeding, the validity of the rule, regulation
or order alleged to have been violated may be determined by the Court.
(2) No security or shareholder's or policyholder's proxy which is the subject of any agreement or arrangement
regarding acquisition, or which is acquired or to be acquired, in
contravention of this Article or of any rule, regulation or order issued by
the Director hereunder may be voted at any shareholders' meeting, or may be
counted for quorum purposes, and any action of shareholders requiring the
affirmative vote of a percentage of securities shall be taken as though such
securities (including securities that may be voted pursuant to such proxies) were not issued and outstanding; but no action taken at any such
meeting may be invalidated by the voting of such securities or proxies, unless the
action would materially affect control of the company or unless any court
of this State has so ordered. If the Director has reason to
believe that any security or shareholder's or policyholder's proxy of the company has been or is about to be
acquired in contravention of this Article or of any rule, regulation or
order issued by the Director hereunder the company or the Director may
apply to the Circuit Court for Sangamon County or to the Circuit Court for
the county in which the company has its principal place of business (a) to
enjoin the further pursuit or use of any offer, request, invitation,
agreement or acquisition made in contravention of Sections 131.4 through
131.12 or any rule, regulation, or order issued by the Director thereunder;
(b) to enjoin the voting of any security or proxy so acquired; (c) to void any vote
of such security or proxy already cast at any meeting of shareholders; and (d) for
any other equitable relief as the nature of the case and the interests of
the company's policyholders, creditors, or the public may
require.
(3) In any case where a person has acquired or is proposing to acquire
any voting securities or shareholder's or policyholder's proxy in violation of this Article or any rule, regulation
or order issued by the Director hereunder, the Circuit Court for Sangamon
County or the Circuit Court for the county in which the company has its
principal place of business may, on such notice as the court deems
appropriate, upon the application of the company or the Director seize or
sequester any voting securities or shareholder's or policyholder's proxy of the company owned directly or indirectly
by such person, and issue any orders with respect thereto as may be
appropriate to effectuate this Article. Notwithstanding any other
provisions of law, for the purposes of this Article, the situs of the
ownership of the securities of domestic companies is deemed to be in this
State.
(4) If the Director has reason to believe that any shareholders' or policyholders' proxies
have been or are about to be acquired in contravention of this Article or
of any rule, regulations or order issued by the Director hereunder, the
Director may apply to the Circuit Court for Sangamon County or to the Circuit
Court for the county in which the company has its principal place of business
(a) to enjoin further pursuit or use of any offer, request, invitation,
agreement or acquisition made in contravention of Section 131.4 through
131.12 and (b) for any other equitable relief as the nature of the case
and the interests of the company's policyholders, creditors or the public may require.
(Source: P.A. 98-609, eff. 1-1-14.)
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