Illinois General Assembly - Illinois Compiled Statutes

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215 ILCS 5/163

(215 ILCS 5/163) (from Ch. 73, par. 775)

Sec. 163.

Date
merger or consolidation or plan of exchange effected.

(1) If the surviving or new company is a domestic company, the merger or
consolidation is effected upon the issuance of the certificate of merger or
the certificate of consolidation, as the case may be.

(2) If the surviving or new company is a foreign or alien company and
the Director has issued a certificate of approval of the merger or
consolidation, the date upon which the merger or consolidation is effected
shall be determined by the laws of the state or country of incorporation or
organization of the surviving or new company. However, the merger or
consolidation shall in no event become effective in this State until a
certificate of merger or consolidation, as the case may be, or other
evidence that the merger or consolidation is effected is issued by the
proper official of the state or country of incorporation or organization of
the surviving or new company and is filed with and approved by the
Director.

(3) Notice of adoption of the plan and the approval thereof by the
Director shall be delivered or mailed to each shareholder of record of the
domestic insurance company to be acquired who was entitled to vote thereon
and an affidavit of the secretary or assistant secretary of such company or
of an officer of the company's transfer agent that such notice was given
shall be filed with the Director. The plan shall become effective 10 days
after receipt of the affidavit by the Director. A plan of exchange may be
abandoned pursuant to any provisions for abandonment contained therein at
any time, provided that notice of such abandonment shall be delivered or
mailed to each such stockholder and filed with the Director prior to the
termination of such 10 day period.

(Source: Laws 1967, p. 2406.)