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Illinois Statutes Chapter 805. Business Organizations § 415/103. Relationship of Act to other laws

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

§ 103. Relationship of Act to other laws.

(a) Unless displaced by particular provisions of this Act or the organic law, the principles of law and equity supplement this Act.

(b) This Act does not authorize an act prohibited by, and does not affect, the application or requirements of law, other than this Act.

(c) A transaction effected under this Act may not create or impair any right or obligation on the part of a person under a provision of the law of this State other than this Act relating to a transaction involving a converting or domesticating entity unless:

(1) in the event the entity does not survive the transaction, the transaction satisfies any requirements of the provision; or

(2) in the event the entity survives the transaction, the approval of the plan is by a vote of the interest holders or governors which would be sufficient to create or impair the right or obligation directly under the provision.

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Cite this article: FindLaw.com - Illinois Statutes Chapter 805. Business Organizations § 415/103. Relationship of Act to other laws - last updated January 01, 2025 | https://codes.findlaw.com/il/chapter-805-business-organizations/il-st-sect-805-415-103/

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