(215 ILCS 5/179E-70)
Sec. 179E-70.
Dissolution.
An SPRV operating under this Article may be
dissolved
by a vote of its board of directors at any time after the Director has approved
that action. A
voluntary dissolution may not be effected or allowed until and unless all of
the obligations
of the SPRV pursuant to the insurance securitization have been fully and
finally satisfied
pursuant to their terms. In the case of voluntary dissolution, the disposition
of the affairs of
the SPRV (including the settlement of all outstanding obligations) shall be
made by the
officers or directors of the SPRV, and when the liquidation has been completed
and a final
statement, in acceptable form, filed with and approved, or deemed approved, by
the
Director, the provisions for voluntary dissolution under the laws of this State
shall be
followed to dissolve the SPRV.
(Source: P.A. 92-124, eff. 7-20-01.)
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