Illinois General Assembly - Illinois Compiled Statutes

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215 ILCS 5/25

(215 ILCS 5/25) (from Ch. 73, par. 637)

(Section scheduled to be repealed on January 1, 2027)

Sec. 25.

Voluntary
surrender of the articles of incorporation.

At any time prior to the issuance of the certificate of authority to the
company the articles of incorporation may be voluntarily surrendered and
the company dissolved by written agreement filed with the Director, signed
by a majority of the incorporators, and by subscribers representing at
least two-thirds of the shares subscribed. Such surrender and dissolution
shall become effective only upon the approval thereof by the Director. The
Director shall approve the surrender of such articles of incorporation if
upon investigation he shall find that:

(a) no insurance business has been transacted by the

company;

(b) all sums of money or securities, if any,

collected upon subscriptions, have been returned to the subscribers; and

(c) all obligations of the company have been paid or

discharged.

(Source: P.A. 100-863, eff. 8-14-18.)