Illinois § 35B-20 Requirements of a plan of division

Illinois Statutes

§ 35B-20 — Requirements of a plan of division

Illinois § 35B-20

JurisdictionIllinois

TopicREGULATION

Ch. 215INSURANCE

Act 215 ILCS 5/Illinois Insurance Code.

Art.Article IIB - Domestic Stock Company Division

This text of Illinois § 35B-20 (Requirements of a plan of division) is published on Counsel Stack Legal Research, covering Illinois primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

215 Ill. Comp. Stat. 35B-20 (2026).

Text

(a)A domestic stock company shall not file a plan of division with the Director unless the plan of division has been approved in accordance with:

(1)any applicable provisions of its articles of incorporation and bylaws; and (2) all laws of this State governing the internal affairs of a domestic stock company that provide for approval of a merger.

(b)If any provision of the articles of incorporation or bylaws of a domestic stock company requires that a specific number or percentage of board of directors or shareholders approve the proposal or adoption of a plan of merger, or imposes other special procedures for the proposal or adoption of a plan of merger, such domestic stock company shall adhere to such provision in proposing or adopting a plan of division. If any provision of the artic

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(a) A domestic stock company shall not file a plan of division with the Director unless the plan of division has been approved in accordance with: (1) any applicable provisions of its articles of incorporation and bylaws; and (2) all laws of this State governing the internal affairs of a domestic stock company that provide for approval of a merger. (b) If any provision of the articles of incorporation or bylaws of a domestic stock company requires that a specific number or percentage of board of directors or shareholders approve the proposal or adoption of a plan of merger, or imposes other special procedures for the proposal or adoption of a plan of merger, such domestic stock company shall adhere to such provision in proposing or adopting a plan of division. If any provision of the articles of incorporation or bylaws of a domestic stock company is amended, such amendment shall thereafter apply to a division only in accordance with its express terms.