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94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
HB2190
Introduced 2/14/2005, by Rep. Michael J. Madigan - Barbara Flynn Currie - Frank J. Mautino 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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HB2190 |
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LRB094 02888 LJB 32889 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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| Sec. 41. Executive
committee.
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| If the
the by-laws so provide, the board of directors or |
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| trustees, by a
resolution adopted by a majority of the whole |
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| board, may designate three or
more of their number to |
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| constitute an executive committee, which committee
shall, to |
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| the extent provided in the resolution or in the by-laws, have |
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| and
exercise, during the interim between the meetings of the |
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| board, all of the
authority of the board in the management of |
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| the company, but the
designation of such committee shall not |
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| relieve the board or any member
thereof of any responsibility |
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| imposed by law. |
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| (Source: Laws 1937, p. 696.)
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