reglab/housing_qa huggingface dataset:
215 ILCS 5/22
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article II - Domestic Stock Companies

 (from Ch. 73, par. 634)(Section scheduled to be repealed on January 1, 2027)Sec. 22.     Payments  for shares-Promotion expenses.     The net proceeds of all subscriptions to shares prior to the issuance of  a certificate of authority to the company to transact business shall not be  less than the paid up capital specified in the articles of incorporation  and the required paid-in surplus. Payments upon subscriptions shall be made  only in cash or securities that are eligible for investment under Article  VIII. The part of the subscription price, that may be used for  commission, promotion, organization, and other expenses, in no event shall  be in excess of 15% of the amount collected on the respective subscriptions  and in no case shall such expenses be paid out of the subscription proceeds  until such time as the sale of all of the shares constituting the offering  has been completed.    (Source: Laws 1961, p. 3735.)
215 ILCS 5/23
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article II - Domestic Stock Companies

 (from Ch. 73, par. 635)(Section scheduled to be repealed on January 1, 2027)Sec. 23.     Deposit of proceeds of shares - When subscribers deemed shareholders.(1) The cash or securities received by the company upon subscriptions  for shares shall be placed in the bank or trust company designated in the  escrow and subscription agreements. No part of the  cash or securities so deposited  shall be used by the company prior to the issuance to it of a certificate  of authority to transact business, except when payments for all the shares to be issued and sold, as set forth  in the articles of incorporation, are completed, for the purpose of making  the deposit as provided for in Section 26.(2) Any officer, director or incorporator of a company who, prior to the  issuance of the certificate of authority to the company, withdraws, causes  to be withdrawn or knowingly permits the withdrawal of any cash or  securities on deposit in such bank or trust company, for any purposes other  than those authorized in subsection (1), shall be guilty of a Class A  misdemeanor.(3) The subscribers shall be deemed to be shareholders when full payment  upon the subscriptions for all shares which the company proposes to issue  and sell, as set forth in the articles of incorporation, shall have been  received by the company, but no certificate for shares may be issued by the  company prior to the issuance to it of a certificate of authority to  transact business.(4) In the event that payments for all shares to be issued and sold by  the company, as set forth in the articles of incorporation, are not  completed within the time provided in the permit of the Director  authorizing the solicitation of subscriptions the cash and securities  received in payment shall be returned to the subscribers who have made the  payments.    (Source: P.A. 84-502.)
215 ILCS 5/24
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article II - Domestic Stock Companies

 (from Ch. 73, par. 636)(Section scheduled to be repealed on January 1, 2027)Sec. 24.     Certificate  of authority to do an insurance business.     When the Director has been notified that the capital required by the  articles of incorporation has been fully subscribed, and that such capital  and the required surplus has been fully collected, he shall conduct an  examination of the company. If he finds that the organization of the  company is complete, that the required capital provided in the articles of  incorporation and required surplus has been fully collected and deposited  with the designated bank or trust company, that the deposit provided for by  Section 26 has been made and that all of the requirements imposed by this  Code, have been met, he shall issue to the company a certificate of  authority to transact the kind or kinds of business specified therein. No  company shall transact any business of insurance until it has received a  certificate of authority as herein prescribed nor any business of insurance  not specified in such certificate of authority.    (Source: Laws 1957, p. 603.)
215 ILCS 5/25
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article II - Domestic Stock Companies

 (from Ch. 73, par. 637)(Section scheduled to be repealed on January 1, 2027)Sec. 25. Voluntary  surrender of the articles of incorporation. At any time prior to the issuance of the certificate of authority to the  company the articles of incorporation may be voluntarily surrendered and  the company dissolved by written agreement filed with the Director, signed  by a majority of the incorporators, and by subscribers representing at  least two-thirds of the shares subscribed. Such surrender and dissolution  shall become effective only upon the approval thereof by the Director. The  Director shall approve the surrender of such articles of incorporation if  upon investigation he shall find that:(a) no insurance business has been transacted by the     company;(b) all sums of money or securities, if any,     collected upon subscriptions, have been returned to the subscribers; and(c) all obligations of the company have been paid or     discharged. (Source: P.A. 100-863, eff. 8-14-18.)
215 ILCS 5/27
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article II - Domestic Stock Companies

 (from Ch. 73, par. 639)(Section scheduled to be repealed on January 1, 2027)Sec. 27.     Dividends and other distributions.(1) The board of directors of any company subject to this Article may  declare and the company may pay dividends and other distributions  (i) on its outstanding shares in cash, property, or its own shares  and (ii) on its treasury shares in its own shares,  subject to the following provisions:(a) No dividend or other distribution may be declared     or paid at any time except out of earned, as distinguished from contributed, surplus, nor when the surplus of the company is less than the surplus required by Section 13 for the kind or kinds of business authorized to be transacted by such company, nor when the payment of a dividend or other distribution would reduce its surplus to less than such amount.(b) Except in the case of share dividends, surplus     for determining whether dividends or other distributions may be declared shall not include surplus arising from unrealized appreciation in value, or revaluation of assets, or from unrealized profits upon investments.(c) No dividend or other distribution may be declared     or paid contrary to any restriction contained in the articles of incorporation.(d) No dividend or other distribution may be declared     or paid contrary to Section 131.20 or 131.20a.(2) No payments may be made to policyholders by way of dividends unless  the company possesses admitted assets in the amount of such payments in  excess of its capital, minimum required surplus and all liabilities.    (Source: P.A. 88-364.)
215 ILCS 5/27.1
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article II - Domestic Stock Companies

 (from Ch. 73, par. 639.1)(Section scheduled to be repealed on January 1, 2027)Sec. 27.1. Treasury shares.  "Treasury shares" means (a) shares  of a company which have been issued, have been subsequently acquired  by and belong to the company, and have not, either by reason of  the acquisition or thereafter, been cancelled or restored to the  status of authorized but unissued shares and (b) shares declared  and paid as a share dividend on the shares referred to in clause (a)  or this clause (b) of this Section. Treasury shares shall be  deemed to be "issued" shares but not outstanding shares and shall not be  voted. Shares converted into or exchanged for other shares of the company  shall not be deemed to be treasury shares.  (Source: P.A. 100-863, eff. 8-14-18.)
215 ILCS 5/28
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article II - Domestic Stock Companies

 (from Ch. 73, par. 640)(Section scheduled to be repealed on January 1, 2027)Sec. 28.     Dealing in  shares of company.(1) A company subject to the provisions of this Article shall have  the power to purchase, take, receive, or otherwise acquire, hold, own,  pledge, transfer, or otherwise dispose of its own shares, provided that it  shall not purchase, either directly or indirectly, its own shares when its  net assets are less than the sum of its paid-up capital, and its required  surplus, any surplus arising from unrealized appreciation in value or  revaluation of its assets and any surplus arising from surrender to the  corporation of any of its shares, or when by so doing its net assets would  be reduced below the minimum capital and surplus requirements of Section 13  hereof, and as set forth in the articles of incorporation.  Notwithstanding the foregoing limitations, a company may purchase its own  shares for any of the following purposes:(a) eliminating fractional shares;(b) collecting or compromising claims of the company     or securing any indebtedness to the company previously incurred;(c) paying dissenting shareholders entitled to     payment for their shares in the event of a merger or consolidation;(d) effecting a plan for the mutualization of the     company; or(e) furthering a general savings and investment plan     for employees of the company.(2) No shares which are or have been reacquired, purchased, pledged or  held pursuant to paragraph (1) of this Section shall be considered an  admitted asset as defined in this Code, or considered in determining the  solvency of such company.    (Source: Laws 1959, p. 631.)
215 ILCS 5/28.2
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article II - Domestic Stock Companies

 (from Ch. 73, par. 640.2)(Section scheduled to be repealed on January 1, 2027)Sec. 28.2.     Proxies, consents and authorizations of domestic stock  companies.(a) The Director is authorized to regulate proxies, consents, and  authorizations in respect of securities issued by any company subject to  the provisions of this Article to the extent as may be necessary or  appropriate in the public interest or for the protection of investors,  and such regulation may include but shall not be limited to rules and  regulations under which any such company, director, or employee of the  company or any other person may solicit or permit the use of his  name to  solicit any proxy, consent or authorization in respect of securities  issued by any such company.(b) Unless proxies, consents or authorizations in respect of a  security of a company subject to the provisions of this Article are  solicited by or on behalf of the management of such company from the  holders of record of such security in accordance with the provisions of  any rules and regulations prescribed under subsection (a) of this  Section, prior to any annual or other meeting of the holders of such  security, such company shall, if required by such rules and regulations  prescribed by the Director as may be necessary or appropriate in the  public interest or for the protection of investors, file with the  Director and transmit to all holders of record of such security  information substantially equivalent to the information which would be  required to be transmitted if a solicitation were made.(c) The authority granted under subsections (a) and (b) hereof  includes the power on the part of the Director to require such companies  to file with the Director and transmit to shareholders prior to the  annual meeting of shareholders an annual report containing such  financial statements for the last fiscal year as are referred to in the  Stockholder Information Supplement filed with the annual statement of  any such company under the provisions of Section 136 of this Code.(d) If the Director finds, after notice and hearing, that such  company or any director, officer or employee of such company or any  other person has willfully violated the provisions of this Section or of  any rule or regulation prescribed by the Director hereunder, he  may  order such company or any director, officer or employee of such company,  or any other person, as the case may be, to pay to the State of Illinois  a penalty in a sum not exceeding $5,000 for each such offense. The  findings, determinations and orders of the Director made pursuant to  this Section shall be subject to judicial review under the Administrative  Review Law, as now or hereafter amended.    (Source: P.A. 82-783.)
215 ILCS 5/29
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article II - Domestic Stock Companies

 (from Ch. 73, par. 641)(Section scheduled to be repealed on January 1, 2027)Sec. 29.     Amendment of articles of incorporation.(1) A company subject to the provisions of this article may amend its  articles of incorporation in any respect not in violation of law but may  not amend its articles to insert any provision prohibited, or to delete any  provision required, in original articles of incorporation for a similar  domestic company organized under this Code, except as provided by Section  35.(2) Amendments to the articles of incorporation, after a certificate of  authority has been issued to the company, shall be made in the following  manner:(a) The board of directors shall adopt a resolution     setting forth the proposed amendment and directing that it be submitted to a vote of shareholders at either an annual or special meeting.(b) Written or printed notice setting forth the     proposed amendment or a summary of the changes to be effected thereby and stating the time and place of the meeting at which the same will be considered, shall be mailed, postage prepaid and properly addressed, to each shareholder at least ten days before the time fixed for such meeting. A written waiver of notice signed by the shareholders, whether before or after the date of the meeting mentioned therein, shall be deemed equivalent to the notice in this Section provided.(c) At such meeting a vote of the shareholders shall     be taken on the proposed amendment. The proposed amendment shall be adopted upon receiving the affirmative vote of the holders of at least two-thirds of the outstanding shares.(3) Amendments to the articles of incorporation, prior to the issuance  of a certificate of authority to the company, shall be made by the  submission of the proposed amendment by the incorporators to a vote of the  subscribers in the same manner as provided in subsection (2) for submission  to shareholders. The proposed amendment in such cases shall be adopted upon  receiving the affirmative vote of all subscribers. If such company has no  subscribers the proposed amendment shall be adopted by the written consent  of all the incorporators.(4) Upon the adoption of the amendment to the articles of incorporation,  the restated articles of incorporation shall be executed in duplicate  by the company by its president or  vice-president and its secretary or assistant secretary, or officers  corresponding thereto, and the corporate seal shall be thereunto affixed.(5) There shall be delivered to the Director duplicate originals of the  restated articles of incorporation and an  affidavit of the secretary or assistant  secretary of the company, setting forth the facts showing that the  requirements of this Section have been complied with.    (Source: P.A. 84-502.)
215 ILCS 5/30
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article II - Domestic Stock Companies

 (from Ch. 73, par. 642)(Section scheduled to be repealed on January 1, 2027)Sec. 30.     Approval of amendment.     The restated articles of incorporation and  the other documents so delivered to the Director may be approved or  disapproved by the Director in the same manner as original articles of  incorporation. If said restated articles of incorporation be approved by  the Director, he shall place on file in his office all the documents so  delivered to him, except one of the duplicate originals of the restated  articles of incorporation, and shall  endorse upon such duplicate original his approval thereof and the month,  day and year of such approval and deliver it to the company. The restated  articles shall be effective as of the date of the approval thereof by the Director.    (Source: P.A. 84-1431.)
215 ILCS 5/31
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article II - Domestic Stock Companies

 (from Ch. 73, par. 643)(Section scheduled to be repealed on January 1, 2027)Sec. 31.     Recording restated articles of incorporation.     The duplicate  original of the  restated articles of incorporation returned by the Director shall be filed  for record, within 15 days after it is delivered to the company, in the  office of the recorder of the county where the principal office of the company  is located.    (Source: P.A. 84-1431.)
215 ILCS 5/33
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article II - Domestic Stock Companies

 (from Ch. 73, par. 645)(Section scheduled to be repealed on January 1, 2027)Sec. 33.     Decrease of  capital.(1) When articles of amendment providing for a decrease of capital or a  decrease in the par value of shares, or both, become effective, each issued  share of the company shall thereupon be changed into and be a fractional  part of a share, or a share having a reduced par value, or both, as  provided by such amendment, and the holders of shares issued before the  amendment shall thereupon cease to be holders of such shares and shall be  and become holders of the shares authorized by the amendment upon the basis  specified in the amendment, whether or not certificates representing the  shares authorized by the amendment are then issued and delivered. The  company may require each shareholder to surrender his or her certificate  and  accept in lieu thereof a new certificate conforming to such decrease.(2) No distribution of the assets of the company shall be made to the  shareholders upon any decrease of capital which shall reduce its surplus to  less than the surplus required by this Code for the kind  or kinds of business authorized to be transacted by the company.(3) If the proposed articles of amendment providing for a decrease of  capital or a decrease in the par value of shares, or both, is part of a series  of transactions that includes subsequent transactions that will be subject to  Article VIII 1/2, the company shall provide the Director all of the information  called for in Article VIII 1/2 prior to the Director's approval.  The Director  may decline to approve if the Director is not satisfied that the proposed  series of transactions satisfies the standards established in Article VIII  1/2.    (Source: P.A. 90-381, eff. 8-14-97.)
215 ILCS 5/34.1
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article II - Domestic Stock Companies

 (from Ch. 73, par. 646.1)(Section scheduled to be repealed on January 1, 2027)Sec. 34.1.     Subordinated indebtedness.         A company organized under this Article may borrow or assume a liability  for the repayment of a sum of money under a written agreement. The loan  or advance shall bear interest either (1) at a fixed rate not exceeding  the corporate base rate as reported by the largest bank (measured by assets)  with its head office located in Chicago, Illinois, in effect on the first  business day of the month in which the loan document is executed, plus 3% per  annum or (2) at a variable rate equal to the corporate base rate determined on  the first business day of each month during the term of the loan plus 2% per  annum.  In no event shall the variable interest rate for any month exceed the  initial rate for the loan or advance by more than 10% per annum.  The insurer  shall elect at the time of execution of the loan or advance agreement whether  the interest rate is to be fixed or floating for the term of the agreement.  The loan and interest shall be repaid only out of surplus of the company in  excess of the minimum surplus as is stipulated in and by the agreement. The  agreement shall first be submitted to and approved by not less than a majority  of the voting shares of the company and the Director. Repayment of principal or  payment of interest may be made only with the approval of the Director when he  is satisfied that the financial condition of the company warrants that action,  but approval may not be withheld if the company shall have and submit  satisfactory evidence of surplus of not less than the amount stipulated in the  repayment of principal or interest payment clause of the agreement. No loan or  advance made under this Section or interest accruing thereon shall form a part  of the legal liabilities of the company until authorized for payment by the  Director but until that authorization all statements published by the company  or filed with the Director shall show the amount thereof then remaining unpaid  as a special surplus account.  Subject to approval of the Director, the  interest rate on all subordinated surplus debentures existing on the effective  date of this amendatory Act of 1991 can be amended to the rate as permitted in  this Section with the mutual agreement of the company and the subordinated  surplus debenture holder. Nothing in this Section shall be construed to mean  that a company may not otherwise borrow money, but the amount so borrowed with  accrued interest thereon shall be carried by the company as a liability.    (Source: P.A. 87-777; 87-1090.)
215 ILCS 5/35.1
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article II - Domestic Stock Companies

(215 ILCS 5/35.1) (from Ch. 73, par. 647.1)(Section scheduled to be repealed on January 1, 2027)Sec. 35.1.     Par  value of stock.     No company organized after August 10, 1961 under this Article shall  issue any shares of stock having a par value of less than $1.00 per share.  No company organized under this article whose stock has a par value of  $1.00 or more per share, or after August 10, 1961, whose stock shall be  increased to $1.00 or more per share, shall decrease the par value of its  stock to less than $1.00 per share; and after October 1, 1963, no such  company whose stock has a par value of less than $1.00 per share shall  decrease the par value below the value fixed for it on October 1, 1963. The  restrictions of this Section shall not apply to a decrease in par value  because of any reduction of capital under subsection (2) of Section 34.    (Source: Laws 1963, p. 2765.)
215 ILCS 5/Art. IIA heading
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article IIA - Risk-Based Capital

 ARTICLE IIA.      RISK-BASED CAPITAL.
215 ILCS 5/35A-1
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article IIA - Risk-Based Capital

Sec. 35A-1.     Short title.     This Article may be cited as the Risk-Based  Capital Law.    (Source: P.A. 88-364.)