State of Illinois
91st General Assembly
Legislation

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[ Introduced ][ Enrolled ][ Senate Amendment 001 ]

91_HB1348eng

 
HB1348 Engrossed                               LRB9102806JSpc

 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.)

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