Illinois Compiled Statutes 215 ILCS 5/35B-45 – Shareholder rights
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Terms Used In Illinois Compiled Statutes 215 ILCS 5/35B-45
- Appraisal: A determination of property value.
- division: means the act by operation of law by which a domestic stock company divides into 2 or more resulting companies in accordance with a plan of division and this Article;
"Dividing company" means a domestic stock company that approves a plan of division pursuant to Section 35B-20;
"Domestic stock company" means a domestic stock company transacting or being organized to transact any of the kinds of insurance business enumerated in Section 4. See Illinois Compiled Statutes 215 ILCS 5/35B-10 - Shareholder: means the person in whose name shares are registered in the records of a corporation or the beneficial owner of shares to the extent of the rights granted by a nominee certificate on file with a corporation. See Illinois Compiled Statutes 215 ILCS 5/35B-10
If the dividing company does not survive the division, an objecting shareholder of a dividing company is entitled to appraisal rights and to obtain payment of the fair value of that shareholder’s shares, in the same manner and to the extent provided for pursuant to Section 167.