§ 38-1 — Forfeiture of charter and revocation of certificate

Illinois § 38-1

• Jurisdiction: Illinois
• Topic: RIGHTS AND REMEDIES
• Ch. 720: CRIMINAL OFFENSES
• Act 720 ILCS 5/: Criminal Code of 2012.
• Art.: Article 38 - Criminally Operated Businesses

Text

The State's Attorney is authorized to institute civil proceedings in the Circuit Court to forfeit the charter of a corporation organized under the laws of this State or to revoke the certificate authorizing a foreign corporation to conduct business in this State. The Court may order the charter forfeited or the certificate revoked upon finding (a) that a director, officer, employee, agent or stockholder acting in behalf of the corporation has, in conducting the corporation's affairs, purposely engaged in a persistent course of intimidation, coercion, bribery or other such illegal conduct with the intent to compel other persons, firms, or corporations to deal with such corporation, and (b) that for the prevention of future illegal conduct of the same character, the public interest requires the charter of the corporation to be forfeited and the corporation to be dissolved or the certificate to be revoked.

Legislative History

(Source: Laws 1965, p. 1222.)