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Illinois Statutes Chapter 215. Insurance § 5/52. Voluntary Surrender of Articles of Incorporation

Current as of January 01, 2025 | Updated by Findlaw Staff

§ 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.

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Cite this article: FindLaw.com - Illinois Statutes Chapter 215. Insurance § 5/52. Voluntary Surrender of Articles of Incorporation - last updated January 01, 2025 | https://codes.findlaw.com/il/chapter-215-insurance/il-st-sect-215-5-52/

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