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90_HB3226
215 ILCS 5/41 from Ch. 73, par. 653
Amends the Illinois Insurance Code. Makes a technical
change in a Section concerning the executive committee of
domestic mutual companies.
LRB9009850JSdv
LRB9009850JSdv
1 AN ACT to amend the Illinois Insurance Code by changing
2 Section 41.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Illinois Insurance Code is amended by
6 changing Section 41 as follows:
7 (215 ILCS 5/41) (from Ch. 73, par. 653)
8 Sec. 41. Executive committee. If the by-laws so provide,
9 the board of directors or trustees, by a resolution adopted
10 by a majority of the whole board, may designate 3 three or
11 more of their number to constitute an executive committee,
12 which committee shall, to the extent provided in the
13 resolution or in the by-laws, have and exercise, during the
14 interim between the meetings of the board, all of the
15 authority of the board in the management of the company, but
16 the designation of such committee shall not relieve the board
17 or any member thereof of any responsibility imposed by law.
18 (Source: Laws 1937, p. 696.)