Illinois § 52

Illinois Statutes

§ 52

Illinois § 52

JurisdictionIllinois

TopicREGULATION

Ch. 215INSURANCE

Act 215 ILCS 5/Illinois Insurance Code.

Art.Article III - Domestic Mutual Companies

This text of Illinois § 52 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. 52 (2026).

Text

(Section scheduled to be repealed on January 1, 2027) Sec. 52. Voluntary surrender of articles of incorporation. At any time prior to the issuance of the certificate of authority to the company the articles of incorporation may be voluntarily surrendered and the company dissolved by written agreement filed with the Director, signed by a majority of the incorporators. Such surrender and dissolution shall become effective only upon the approval thereof by the Director. The Director shall approve the surrender of such articles of incorporation if upon investigation he shall find that (a) no insurance business has been transacted by the company;

(b)all sums of money or securities, if any, collected upon applications or subscriptions, have been returned to the applicants or subscribers; and (c

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(Section scheduled to be repealed on January 1, 2027) Sec. 52. Voluntary surrender of articles of incorporation. At any time prior to the issuance of the certificate of authority to the company the articles of incorporation may be voluntarily surrendered and the company dissolved by written agreement filed with the Director, signed by a majority of the incorporators. Such surrender and dissolution shall become effective only upon the approval thereof by the Director. The Director shall approve the surrender of such articles of incorporation if upon investigation he shall find that (a) no insurance business has been transacted by the company; (b) all sums of money or securities, if any, collected upon applications or subscriptions, have been returned to the applicants or subscribers; and (c) all obligations of the company have been paid or discharged.