Illinois Compiled Statutes 215 ILCS 5/169.2 – Acquiring and acquired corporations under a plan of exchange to be separate
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Terms Used In Illinois Compiled Statutes 215 ILCS 5/169.2
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
The domestic stock insurance company acquired under a plan of exchange and the acquiring corporation are in all respects separate and distinct corporations, with neither corporation having any liability to the creditors or policyholders, if any, or shareholders of the other, for any acts or omissions of the officers, directors or shareholders of either or both of such corporations.