(215 ILCS 5/341) (from Ch. 73, par. 953)
Sec. 341.
Deposit
required.
(1) A burial society shall maintain with the Director a
deposit of
cash or securities in an amount of at least $1,000. A
society having a membership of more than 2,500
members and
less than 5,000 members shall maintain a deposit with the
Director
of $5,000. A society having a
membership of
more than 5,000 members and less than 10,000 members shall
maintain a
deposit with the Director of $10,000. A society
having more
than 10,000 members shall maintain a deposit with the
Director of $10,000 and an additional $1,000 for
each 1,000 members in excess of 10,000.
(2) All deposits as required herein shall be in cash or in securities
permitted by section 346.
(3) The Director may release the required deposit of cash or securities
upon receipt of
an order of a court having proper jurisdiction or
upon: (i) certification by the burial society that it has no outstanding
creditors, policyholders, certificate holders, or member obligations in effect
and no plans to engage in the business of insurance; (ii) receipt of a lawful
resolution of the burial society's board of directors effecting the surrender
of its articles of incorporation for administrative dissolution by the
Director; and (iii) receipt of the name and forwarding address for each of the
final officers and directors of the burial society, together with a plan of
dissolution approved by the Director.
(Source: P.A. 92-75, eff. 7-12-01.)
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