(1) If the surviving or new company shall be a foreign or alien company, no property of the domestic merged or consolidated company shall be removed from this State by reason of such merger or consolidation, prior to, nor shall title to such property vest in the surviving or new company until, the merger or consolidation shall become effective in this State as provided in section 163.
     (2) Any director or officer of any domestic company removing or permitting the removal of any property of company from this State in violation of this section, shall be guilty of a Class A misdemeanor.

Attorney's Note

Under the Illinois Statutes, punishments for crimes depend on the classification. In the case of this section:
ClassPrisonFine
Class A misdemeanorup to 1 yearup to $2,500
For details, see § Ill. Comp. Stat. 730 ILCS 5/5-4.5-55

Terms Used In Illinois Compiled Statutes 215 ILCS 5/164

  • State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
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