(215 ILCS 5/41) (from Ch. 73, par. 653)
(Section scheduled to be repealed on January 1, 2027)
Sec. 41.
Executive
committee.
If the by-laws so provide, the board of directors or trustees, by a
resolution adopted by a majority of the whole board, may designate three or
more of their number to constitute an executive committee, which committee
shall, to the extent provided in the resolution or in the by-laws, have and
exercise, during the interim between the meetings of the board, all of the
authority of the board in the management of the company, but the
designation of such committee shall not relieve the board or any member
thereof of any responsibility imposed by law.
(Source: Laws 1937, p. 696.)
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