(215 ILCS 5/21.1) (from Ch. 73, par. 633.1)
(Section scheduled to be repealed on January 1, 2027)
Sec. 21.1.
Escrow agreement.
The company and the bank or trust
company designated in the subscription agreement shall execute an escrow
agreement. The escrow agreement shall state that the proceeds of all
subscriptions to shares shall be placed in the bank or trust company and
remain until an organization examination has been completed, at which time
the escrow agent is authorized to purchase securities for deposit in the
amount required by Section 26 and forward them to the Director. The escrow
agent is authorized to release the balance of the escrowed funds to the
company only upon notification that a Certificate of Authority or similar
documentation has been issued by the Director.
(Source: P.A. 84-502.)
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