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(805 ILCS 180/37-20)
Sec. 37-20. Merger of entities.
(a) A limited
liability company may merge with one or more other constituent organizations pursuant to this Section, Sections 37-21 through 37-30, and a plan of merger, if: (1) the governing statute of each of the other |
| organizations authorizes the merger;
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(2) the merger is not prohibited by the law of a
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| jurisdiction that enacted any of the governing statutes; and
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(3) each of the other organizations complies with
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| its governing statute in effecting the merger.
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(b) A plan of merger must be in a record and must include:
(1) the name and form of each constituent
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(2) the name and form of the surviving organization
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| and, if the surviving organization is to be created by the merger, a statement to that effect;
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(3) the terms and conditions of the merger, including
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| the manner and basis for converting the interests in each constituent organization into any combination of money, interests in the surviving organization, and other consideration;
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(4) if the surviving organization is to be created by
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| the merger, the surviving organization's organizational documents that are proposed to be in a record; and
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(5) if the surviving organization is not to be
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| created by the merger, any amendments to be made by the merger to the surviving organization's organizational documents that are, or are proposed to be, in a record.
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(Source: P.A. 99-637, eff. 7-1-17 .)
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