Illinois § 172 Payment of fees to officer or director prohibited

Illinois Statutes

§ 172 — Payment of fees to officer or director prohibited

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

(1)No director or officer of any company party to a merger or consolidation or plan of exchange, except as fully expressed in the agreement of merger or consolidation or plan of exchange shall receive any fee, commission, other compensation or valuable consideration whatever, directly or indirectly for in any manner aiding, promoting or assisting in such merger or consolidation or plan of exchange.

(2)Any person violating the provisions of this Section shall be guilty of a Class A misdemeanor.

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(1) No director or officer of any company party to a merger or consolidation or plan of exchange, except as fully expressed in the agreement of merger or consolidation or plan of exchange shall receive any fee, commission, other compensation or valuable consideration whatever, directly or indirectly for in any manner aiding, promoting or assisting in such merger or consolidation or plan of exchange. (2) Any person violating the provisions of this Section shall be guilty of a Class A misdemeanor.

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