(215 ILCS 5/50) (from Ch. 73, par. 662)
(Section scheduled to be repealed on January 1, 2027)
Sec. 50.
Authority
to solicit subscriptions to surplus.
(1) Upon the approval of the articles of incorporation by the Director
he shall issue to the company a permit which shall expire at the end of two
years from its date, authorizing it to solicit subscriptions to surplus in
accordance with this Code and to do such other acts as may be necessary and
proper in order to complete its organization and to entitle it to receive a
certificate of authority to transact an insurance business.
(2) If the Director finds that any company in process of organization
has failed to comply with, or has violated any provision of the Code, he
may proceed against the company under Article XIII, and may after notice
and hearing revoke the permit issued to it under subsection (1) of this
Section.
(Source: Laws 1951, p. 1565.)
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