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91_SB0778
LRB9106065JSpc
1 AN ACT concerning Lloyds insurers, amending named Acts.
2 Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
4 Section 5. The Illinois Insurance Code is amended by
5 changing Section 86 as follows:
6 (215 ILCS 5/86) (from Ch. 73, par. 698)
7 Sec. 86. Scope of Article.
8 (1) This Article applies to all groups including
9 incorporated and individual unincorporated underwriters
10 transacting an insurance business in this State through an
11 attorney-in-fact under the name Lloyds or under a Lloyds plan
12 of operation. Groups that meet the requirements of
13 subsection (3) are referred to in this Code as "Lloyds", and
14 incorporated and individual unincorporated underwriters are
15 referred to as "underwriters".
16 (2) As used in this Code "Domestic Lloyds" means a
17 Lloyds having its home office in this State; "Foreign Lloyds"
18 means a Lloyds having its home office in any state of the
19 United States other than this State; and "Alien Lloyds" means
20 a Lloyds having its home office or principal place of
21 business in any country other than the United States.
22 (3) A domestic Lloyds must: (i) be established pursuant
23 to a statute or written charter; (ii) provide for governance
24 by a board of directors or similar body; and (iii) establish
25 and monitor standards of solvency of its underwriters. A
26 foreign or alien Lloyds must be subject to requirements of
27 its state or country of domicile. Those requirements must be
28 substantially similar to those required of a domestic Lloyds.
29 Domestic, foreign, and alien Lloyds Lloyd's shall not be
30 subject to Section 144 of this Code.
31 (Source: P.A. 90-794, eff. 8-14-98.)
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1 Section 10. The Business Corporation Act of 1983 is
2 amended by changing Section 1.25 as follows:
3 (805 ILCS 5/1.25) (from Ch. 32, par. 1.25)
4 Sec. 1.25. List of corporations; exchange of
5 information.
6 (a) The Secretary of State shall publish each year a
7 list of corporations filing an annual report for the
8 preceding year in accordance with the provisions of this Act,
9 which report shall state the name of the corporation, and the
10 respective names and addresses of the president, secretary,
11 and registered agent thereof, and the address of the
12 registered office in this State of each such corporation. The
13 Secretary of State shall furnish without charge a copy of
14 such report to each recorder of this State, and to each
15 member of the General Assembly and to each State agency or
16 department requesting the same. The Secretary of State shall,
17 upon receipt of a written request and a fee as determined by
18 the Secretary, furnish such report to anyone else.
19 (b) (1) The Secretary of State shall publish daily a
20 list of all newly formed corporations, business and not for
21 profit, chartered by him on that day issued after receipt of
22 the application. The daily list shall contain the same
23 information as to each corporation as is provided for the
24 corporation list published under subsection (a) of this
25 Section. The daily list may be obtained at the Secretary's
26 office by any person, newspaper, State department or agency,
27 or local government for a reasonable charge to be determined
28 by the Secretary. Inspection of the daily list may be made
29 at the Secretary's office during normal business hours
30 without charge by any person, newspaper, State department or
31 agency, or local government.
32 (2) The Secretary shall compile the daily list mentioned
33 in paragraph (1) of subsection (b) of this Section monthly,
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1 or more often at the Secretary's discretion. The compilation
2 shall be immediately mailed free of charge to all local
3 governments requesting in writing receipt of such
4 publication, or shall be automatically mailed by the
5 Secretary without charge to local governments as determined
6 by the Secretary. The Secretary shall mail a copy of the
7 compilations free of charge to all State departments or
8 agencies making a written request. A request for a
9 compilation of the daily list once made by a local government
10 or State department or agency need not be renewed. However,
11 the Secretary may request from time to time whether the local
12 governments or State departments or agencies desire to
13 continue receiving the compilation.
14 (3) The compilations of the daily list mentioned in
15 paragraph (2) of subsection (b) of this Section shall be
16 mailed to newspapers, or any other person not included as a
17 recipient in paragraph (2) of subsection (b) of this Section,
18 upon receipt of a written application signed by the applicant
19 and accompanied by the payment of a fee as determined by the
20 Secretary.
21 (c) If a domestic or foreign corporation has filed with
22 the Secretary of State an annual report for the preceding
23 year or has been newly formed or is otherwise and in any
24 manner registered with the Secretary of State, the Secretary
25 of State shall exchange with the Illinois Department of
26 Public Aid any information concerning that corporation that
27 may be necessary for the enforcement of child support orders
28 entered pursuant to the Illinois Public Aid Code, the
29 Illinois Marriage and Dissolution of Marriage Act, the
30 Non-Support of Spouse and Children Act, the Revised Uniform
31 Reciprocal Enforcement of Support Act, the Uniform Interstate
32 Family Support Act, or the Illinois Parentage Act of 1984.
33 Notwithstanding any provisions in this Act to the
34 contrary, the Secretary of State shall not be liable to any
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1 person for any disclosure of information to the Illinois
2 Department of Public Aid under this subsection or for any
3 other action taken in good faith to comply with the
4 requirements of this subsection.
5 (Source: P.A. 90-18, eff. 7-1-97.)
6 Section 15. The Limited Liability Company Act is amended
7 by changing Section 1-30 as follows:
8 (805 ILCS 180/1-30)
9 Sec. 1-30. Powers. A Each limited liability company
10 organized and existing under this Act may do all of the
11 following:
12 (1) Sue and be sued, complain and defend, and
13 participate in administrative or other proceedings, in its
14 name.
15 (2) Have a seal, which may be altered at pleasure, and
16 use the same by causing it, or a facsimile thereof, to be
17 impressed or affixed or in any other manner reproduced,
18 provided that the affixing of a seal to an instrument shall
19 not give the instrument additional force or effect, or change
20 the construction thereof, and the use of a seal is not
21 mandatory.
22 (3) Purchase, take, receive, lease as lessee, take by
23 gift, legacy, or otherwise acquire, own, hold, use, and
24 otherwise deal in and with any real or personal property, or
25 any interest therein, wherever situated.
26 (4) Sell, convey, mortgage, pledge, lease as lessor, and
27 otherwise dispose of all or any part of its property and
28 assets.
29 (5) Lend money to and otherwise assist its members and
30 employees.
31 (6) Purchase, take, receive, subscribe for or otherwise
32 acquire, own, hold, vote, use, employ, sell, mortgage, loan,
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1 pledge, or otherwise dispose of, and otherwise use and deal
2 in and with, shares or other interests in or obligations of
3 other limited liability companies, domestic or foreign
4 corporations, associations, general or limited partnerships,
5 or individuals.
6 (7) Incur liabilities, borrow money for its proper
7 purposes at any rate of interest the limited liability
8 company may determine without regard to the restrictions of
9 any usury law of this State, issue notes, bonds, and other
10 obligations, secure any of its obligations by mortgage or
11 pledge or deed of trust of all or any part of its property,
12 franchises, and income, and make contracts, including
13 contracts of guaranty and suretyship.
14 (8) Invest its surplus funds from time to time, lend
15 money for its proper purposes, and take and hold real and
16 personal property as security for the payment of funds so
17 loaned or invested.
18 (9) Conduct its business, carry on its operations, have
19 offices within and without this State, and exercise in any
20 other state, territory, district, or possession of the United
21 States or in any foreign country the powers granted by this
22 Act.
23 (10) Elect managers and appoint agents of the limited
24 liability company, define their duties, and fix their
25 compensation.
26 (11) Enter into or amend an operating agreement, not
27 inconsistent with the laws of this State, for the
28 administration and regulation of the affairs of the limited
29 liability company.
30 (12) Make donations for the public welfare or for
31 charitable, scientific, religious, or educational purposes,
32 lend money to the government, and transact any lawful
33 business in aid of the United States.
34 (13) Establish deferred compensation plans, pension
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1 plans, profit-sharing plans, bonus plans, option plans, and
2 other incentive plans for its managers and employees and make
3 the payments provided for therein.
4 (14) Become a promoter, partner, member, associate, or
5 manager of any general partnership, limited partnership,
6 joint venture or similar association, any other limited
7 liability company, or other enterprise.
8 (15) Have and exercise all powers necessary or
9 convenient to effect any or all of the purposes for which the
10 limited liability company is organized.
11 (Source: P.A. 90-424, eff. 1-1-98.)
12 Section 20. The Revised Uniform Limited Partnership Act
13 is amended by changing Section 104 as follows:
14 (805 ILCS 210/104) (from Ch. 106 1/2, par. 151-5)
15 Sec. 104. Records to be kept.
16 (a) A Each limited partnership shall keep at the office
17 named in the certificate of limited partnership (which may be
18 within or outside this State, but if it is outside of this
19 State it shall be the principal place of business of the
20 limited partnership) the following: (1) a current list of
21 the full name and last known address of each partner,
22 separately identifying the general partners and the limited
23 partners in alphabetical order, and setting forth the amount
24 of cash and a description and statement of the agreed value
25 of the other property or services contributed by each partner
26 and which each partner has agreed to contribute in the
27 future, and the date on which each became a partner, (2) a
28 copy of the certificate of limited partnership, as amended or
29 restated, together with executed copies of any powers of
30 attorney pursuant to which any certificate has been executed,
31 (3) copies of the limited partnership's federal, state and
32 local income tax returns and reports, if any, for the 3 most
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1 recent years, (4) copies of any then effective written
2 partnership agreements and any amendments thereto and of any
3 financial statements of the limited partnership for the 3
4 most recent years; and (5) unless contained in a written
5 partnership agreement, a writing setting out:
6 (i) the times at which or events on the happening of
7 which any additional contributions agreed to be made by each
8 partner are to be made;
9 (ii) any right of a partner to receive, or of a general
10 partner to make, distributions to a partner which include a
11 return of all or any part of the partner's contribution;
12 (iii) any power of a limited partner to grant the right
13 to become a limited partner to an assignee of any part of his
14 or her partnership interest, and the terms and conditions of
15 the power; and
16 (iv) any events upon the happening of which the limited
17 partnership is to be dissolved and its affairs wound up.
18 (b) Records kept under this Section are subject to
19 inspection and copying at the reasonable request and at the
20 expense of any partner during ordinary business hours.
21 (Source: P.A. 85-403.)