Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process.
Recent laws may not yet be included in the ILCS database, but they are found on this site as
Public
Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the
Guide.
Because the statute database is maintained primarily for legislative drafting purposes,
statutory changes are sometimes included in the statute database before they take effect.
If the source note at the end of a Section of the statutes includes a Public Act that has
not yet taken effect, the version of the law that is currently in effect may have already
been removed from the database and you should refer to that Public Act to see the changes
made to the current law.
(805 ILCS 105/111.37) (from Ch. 32, par. 111.37)
Sec. 111.37.
Merger of domestic
corporations and domestic or foreign corporations for
profit.
(a) One or more domestic corporations and one or
more domestic or foreign corporations for profit may merge
into one of such domestic corporations or consolidate into a
new domestic corporation, provided that such merger or
consolidation is permitted by the laws of the state or
country under which each such foreign corporation for profit
is organized.
(b) Each domestic corporation shall comply with the
provisions of this Act with respect to the merger or
consolidation of domestic corporations, each domestic
corporation for profit shall comply with the provisions of
the Business Corporation Act of 1983, as amended, with
respect to merger or consolidation of domestic corporations
for profit, each foreign corporation for profit shall comply
with the laws of the State or country under which it is
organized, and each foreign corporation for profit having a
certificate of authority to transact business in this State
under the provisions of the Business Corporation Act of
1983, as amended, shall comply with the provisions of such
Act with respect to merger or consolidation of foreign
corporations for profit.
(c) The plan of merger or consolidation shall set forth, in
addition to all matters required by Section 111.05 of this
Act, the manner and basis of converting shares of each
merging or consolidating domestic or foreign corporation for
profit into membership or other interests of the surviving domestic corporation, or into cash, or into property,
or into any combination of the foregoing.
(d) The effect of a merger or consolidation under this
Section shall be the same as in the case of a merger or
consolidation of domestic corporations.
(Source: P.A. 93-59, eff. 7-1-03.)
|
