Skip to main content

Illinois Statutes Chapter 215. Insurance § 5/14.1. Articles of incorporation

Welcome to FindLaw's Cases & Codes, a free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.

§ 14.1. Articles of incorporation. The articles shall set forth:

(a) the corporate name;

(b) the location of its principal office;

(c) the period of duration, which may be perpetual;

(d) the class or classes of insurance business as provided in Section 4, in which it proposes to engage and the kinds of insurance in each class it proposes to write;

(e) The number of its directors, or that the number of directors shall be not less than the minimum nor more than the maximum stated in Section 10, the terms of office; and the manner of electing the directors;

(f) the amount of its authorized capital, the number of authorized common and non-voting preferred shares, the par value of each share, and the number of the common and non-voting preferred shares to be issued and sold in accordance with this Article to provide at least the minimum paid-up capital and paid-in surplus as set forth in Section 13 of this Article;

(g) the terms and conditions on which preferred shares may be converted to common shares, if any shares are issued with the right of conversion;

(h) such other provisions not inconsistent with law as may be deemed by the incorporators to be necessary or advisable.

Cite this article: - Illinois Statutes Chapter 215. Insurance § 5/14.1. Articles of incorporation - last updated January 01, 2019 |

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.

Copied to clipboard