(215 ILCS 5/120) (from Ch. 73, par. 732)
(Section scheduled to be repealed on January 1, 2027)
Sec. 120.
Withdrawal
of deposits.
When a foreign or alien company has withdrawn from this State or has had
its certificate of authority to transact business in this State revoked and
such company desires to withdraw any deposit made in this State pursuant to
this Code, the Director shall upon the application of the company and at
its expense, give notice of such intention to the insurance commissioner or
other proper supervisory official of each state or country where it appears
from information on file with the Director, the company is authorized to
transact business, and shall publish notice of such intention in a
newspaper of general circulation in this State once a week for four
consecutive weeks. After such notice and publication the Director shall
deliver to such company or its assigns the securities so deposited when he
is satisfied upon examination and investigation made by him, or under his
authority, and upon the oaths of the president and secretary or other chief
officers of the company that all debts and liabilities of every kind due
and to become due which the deposit was made to secure have been paid or
otherwise extinguished.
(Source: Laws 1937, p. 696.)
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