(215 ILCS 5/155.01) (from Ch. 73, par. 767.1)
Sec. 155.01.
Interlocking directorates - when prohibited.
Any person may be a director in two or more companies which are
competitors, provided no person at the same time shall be a director in
two or more companies where the effect may be to substantially lessen
competition generally or tend to create a monopoly. Whenever the Director
has reason to believe that there is a violation of this Section, the
Director shall proceed with respect to any person or company deemed by him
to be in violation of this Section, in accordance with the provisions of
Article XXIV and shall have power to issue an order directing such person
or company to cease and desist from such violation within such time, or
extension thereof, as may be specified by the Director. Any such order of
the Director shall be subject to review in accordance with the provisions
of Article XXIV.
(Source: Laws 1947, p. 1143.)
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