Bill Text: IL HB1724 | 2009-2010 | 96th General Assembly | Introduced
Bill Title: Amends the Illinois Insurance Code. Makes a technical change in a Section concerning the executive committee of domestic mutual companies.
Spectrum: Partisan Bill (Democrat 3-0)
Status: (Introduced - Dead) 2009-04-03 - Rule 19(a) / Re-referred to Rules Committee [HB1724 Detail]
Download: Illinois-2009-HB1724-Introduced.html
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1 | AN ACT concerning regulation.
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2 | Be it enacted by the People of the State of Illinois, | |||||||||||||||||||
3 | represented in the General Assembly:
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4 | Section 5. The Illinois Insurance Code is amended by | |||||||||||||||||||
5 | changing Section 41 as follows:
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6 | (215 ILCS 5/41) (from Ch. 73, par. 653)
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7 | (Section scheduled to be repealed on January 1, 2017)
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8 | Sec. 41. Executive
committee. If the the by-laws so | |||||||||||||||||||
9 | provide, the board of directors or trustees, by a
resolution | |||||||||||||||||||
10 | adopted by a majority of the whole board, may designate three | |||||||||||||||||||
11 | or
more of their number to constitute an executive committee, | |||||||||||||||||||
12 | which committee
shall, to the extent provided in the resolution | |||||||||||||||||||
13 | or in the by-laws, have and
exercise, during the interim | |||||||||||||||||||
14 | between the meetings of the board, all of the
authority of the | |||||||||||||||||||
15 | board in the management of the company, but the
designation of | |||||||||||||||||||
16 | such committee shall not relieve the board or any member
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17 | thereof of any responsibility imposed by law.
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18 | (Source: Laws 1937, p. 696 .)
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