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96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
HB6414
Introduced 2/18/2010, by Rep. Michael J. Madigan - Barbara Flynn Currie SYNOPSIS AS INTRODUCED:
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215 ILCS 5/41 |
from Ch. 73, par. 653 |
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Amends the Illinois Insurance Code. Makes a technical change in a Section
concerning the executive committee of domestic mutual companies.
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A BILL FOR
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HB6414 |
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LRB096 21043 RPM 36893 b |
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| AN ACT concerning regulation.
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| Be it enacted by the People of the State of Illinois, |
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| represented in the General Assembly:
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| Section 5. The Illinois Insurance Code is amended by |
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| changing Section 41 as follows:
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| (215 ILCS 5/41) (from Ch. 73, par. 653)
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| (Section scheduled to be repealed on January 1, 2017)
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| Sec. 41. Executive
committee. If the the by-laws so |
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| provide, the board of directors or trustees, by a
resolution |
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| adopted by a majority of the whole board, may designate three |
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more of their number to constitute an executive committee, |
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| which committee
shall, to the extent provided in the resolution |
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| or in the by-laws, have and
exercise, during the interim |
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| between the meetings of the board, all of the
authority of the |
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| board in the management of the company, but the
designation of |
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| such committee shall not relieve the board or any member
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| thereof of any responsibility imposed by law.
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| (Source: Laws 1937, p. 696.)
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