Illinois § 164

Illinois Statutes

§ 164

Illinois·Topic REGULATION·Ch. 215 INSURANCE·Act 215 ILCS 5/ Illinois Insurance Code.·Art. Article X - Merger, Consolidation Or Plans Of Exchange

Removal of property of domestic, merged or consolidated company from this State.

(1)If the surviving or new company shall be a foreign or alien company, no property of the domestic merged or consolidated company shall be removed from this State by reason of such merger or consolidation, prior to, nor shall title to such property vest in the surviving or new company until, the merger or consolidation shall become effective in this State as provided in section 163.

(2)Any director or officer of any domestic company removing or permitting the removal of any property of company from this State in violation of this section, shall be guilty of a Class A misdemeanor.

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Removal of property of domestic, merged or consolidated company from this State. (1) If the surviving or new company shall be a foreign or alien company, no property of the domestic merged or consolidated company shall be removed from this State by reason of such merger or consolidation, prior to, nor shall title to such property vest in the surviving or new company until, the merger or consolidation shall become effective in this State as provided in section 163. (2) Any director or officer of any domestic company removing or permitting the removal of any property of company from this State in violation of this section, shall be guilty of a Class A misdemeanor.

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