SB1098 EngrossedLRB098 05367 WGH 35401 b

1    AN ACT concerning business.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Business Corporation Act of 1983 is amended
5by changing Section 12.80 as follows:
 
6    (805 ILCS 5/12.80)  (from Ch. 32, par. 12.80)
7    Sec. 12.80. Survival of remedy after dissolution. The
8dissolution of a corporation either (1) by filing articles of
9dissolution in accordance with Section 12.20 of this Act, (2)
10by the issuance of a certificate of dissolution in accordance
11with Section 12.40 of this Act, (3) by a judgment of
12dissolution by a circuit court of this State, or (4) by
13expiration of its period of duration, shall not take away nor
14impair any civil remedy available to or against such
15corporation, its directors, or shareholders, for any right or
16claim existing, or any liability accrued or incurred, either
17prior to, at the time of, or after such dissolution if action
18or other proceeding thereon is commenced within five years
19after the date of such dissolution. Any such action or
20proceeding by or against the corporation may be prosecuted or
21defended by the corporation in its corporate name. This
22provision does not extend any applicable statute of
23limitations.

 

 

SB1098 Engrossed- 2 -LRB098 05367 WGH 35401 b

1(Source: P.A. 92-33, eff. 7-1-01.)