97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
SB1714

 

Introduced 2/9/2011, by Sen. William R. Haine

 

SYNOPSIS AS INTRODUCED:
 
215 ILCS 5/41  from Ch. 73, par. 653

    Amends the Illinois Insurance Code. Makes a technical change in a Section concerning the executive committee of domestic mutual companies.


LRB097 06596 RPM 46681 b

 

 

A BILL FOR

 

SB1714LRB097 06596 RPM 46681 b

1    AN ACT concerning regulation.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Illinois Insurance Code is amended by
5changing Section 41 as follows:
 
6    (215 ILCS 5/41)  (from Ch. 73, par. 653)
7    (Section scheduled to be repealed on January 1, 2017)
8    Sec. 41. Executive committee. If the the by-laws so
9provide, the board of directors or trustees, by a resolution
10adopted by a majority of the whole board, may designate three
11or more of their number to constitute an executive committee,
12which committee shall, to the extent provided in the resolution
13or in the by-laws, have and exercise, during the interim
14between the meetings of the board, all of the authority of the
15board in the management of the company, but the designation of
16such committee shall not relieve the board or any member
17thereof of any responsibility imposed by law.
18(Source: Laws 1937, p. 696.)