(215 ILCS 5/57)
(from Ch. 73, par. 669)
(Section scheduled to be repealed on January 1, 2027)
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 such 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 otherwise provided in
Section 59.1 or 59.2 of this Code.
(2) Amendments to the articles of incorporation for the various classes
of companies shall be made in the following manner:
(a) Class 1. The board of directors or trustees shall
adopt a resolution setting forth the proposed amendment and directing that it be submitted to a vote of the policyholders at either an annual or special meeting. Written or printed notice shall be given to policyholders in the same manner as is required in the case of notices to shareholders of stock companies by Section 29. The proposed amendment shall be adopted upon receiving the affirmative vote of 2/3 of the policyholders present in person or by proxy at such meeting. Restated articles of incorporation setting forth the articles of incorporation as amended shall thereupon be executed in duplicate by the company or its president or vice president, and its secretary or assistant secretary, and duplicate originals of such restated articles of incorporation and an affidavit of the secretary of the company setting forth the facts to show that this section has been fully complied with shall be delivered to the Director.
(b) Classes 2 and 3. The board of directors or
trustees shall adopt the amendment and deliver to the Director duplicate original restated articles of incorporation setting forth the articles of incorporation as amended and a copy of the resolution of the board of directors or trustees adopting such an amendment certified to by the secretary of the company.
(3) The restated articles of incorporation of any company subject to the
provisions of this article so delivered to the Director may be approved or
disapproved by the Director in the same manner as the original articles of
incorporation. If approved, the Director shall place on file in his office all
of 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 amendment shall be effective as of the date of
the approval thereof by the Director. Such duplicate original shall be filed
for record, within 15 days after it has been delivered to the company, in the
office of the recorder of the county where the principal office of the company
(Source: P.A. 90-810, eff. 1-6-99