Illinois General Assembly - Illinois Compiled Statutes

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215 ILCS 5/118

(215 ILCS 5/118) (from Ch. 73, par. 730)

(Section scheduled to be repealed on January 1, 2027)

Sec. 118.

Withdrawal
from the State.

(1) Any foreign or alien company admitted to do business in this State
may withdraw from this State by filing with the Director a statement of
withdrawal, signed and verified by a president, vice-president or an
executive officer corresponding thereto, or in the case of a reciprocal or
Lloyds, by the attorney-in-fact, and setting forth

(a) that the company surrenders its authority to

transact business in this State and returns for cancellation its certificate of authority;

(b) except in the case of a reciprocal or Lloyds,

that the withdrawal of the company from this State has been duly authorized by the board of directors, trustees or other governing body of such company; and

(c) a postoffice address to which the Director may

mail a copy of any process against the withdrawing company that may be served upon him.

(2) Upon the filing of such statement together with its certificate of
authority with the Director and payment of any taxes or charges that may be
due, the Director shall cancel the certificate of authority and return the
cancelled certificate to the company. The authority of the company to
transact business in this State shall thereupon cease.

(Source: Laws 1937, p. 696.)