(215 ILCS 5/156.1) (from Ch. 73, par. 768.1)
Sec. 156.1.
Acquisition by exchange of stock permitted.
Any domestic stock insurance company may adopt a plan of exchange of the
outstanding stock of its stockholders for the consideration herein
designated to be paid or provided by a corporation which acquires such
stock, in the manner provided in this Article.
The plan of exchange may provide that the acquiring corporation, as
consideration for the stock of the domestic corporation, (1) transfer
shares of its stock, or (2) transfer other securities issued by it, or (3)
pay cash therefor, or (4) pay or provide other consideration, or (5) pay or
provide any combination of the foregoing types of consideration.
"Acquiring corporation", as used in this Article, means any stock
insurance corporation incorporated under this Code or under prior laws of
this State relating to the incorporation of domestic insurance
corporations; any stock corporation incorporated under the "Business
Corporation Act of 1983" or under prior laws of this State authorizing the
establishment of business corporations; and any foreign or alien stock
corporation qualified to do business in Illinois and registered by the
corporation department; and any foreign or alien stock insurance company
authorized to do business in Illinois.
(Source: P.A. 83-1362.)
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