Illinois General Assembly - Illinois Compiled Statutes

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805 ILCS 415/203

(805 ILCS 415/203)

    Sec. 203. Approval of conversion.
    (a) A plan of conversion is not effective unless it has been approved:
        (1) by a domestic converting entity:
            (A) in accordance with the requirements, if any,

in its organic rules for approval of a conversion;

(B) if its organic rules do not provide for

approval of a conversion, in accordance with the requirements, if any, in its organic law and organic rules for approval of:

(i) in the case of an entity that is not a

business corporation, a merger, as if the conversion were a merger; or

(ii) in the case of a business corporation, a

merger requiring approval by a vote of the interest holders of the business corporation, as if the conversion were that type of merger; or

(C) if neither its organic law nor organic rules

provide for approval of a conversion or a merger described in subparagraph (B)(ii), by all of the interest holders of the entity entitled to vote on or consent to any matter; and

(2) in a record, by each interest holder of a

domestic converting entity that will have interest holder liability for liabilities that arise after the conversion becomes effective.

(b) A conversion of a foreign converting entity is not effective unless it is approved by the foreign entity in accordance with the law of the foreign entity's jurisdiction  of organization.

(Source: P.A. 100-561, eff. 7-1-18; 101-491, eff. 8-23-19.)