(805 ILCS 215/1102)
Sec. 1102. Conversion. (a) An organization other than a limited partnership may convert to a limited partnership, and a limited partnership may convert to another organization pursuant to this Section and Sections 1103 through 1105 and a plan of conversion, if: (1) the other organization's governing statute |
| authorizes the conversion;
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(2) the conversion is not prohibited by the law of
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| the jurisdiction that enacted the governing statute; and
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(3) the other organization complies with its
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| governing statute in effecting the conversion.
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(b) A plan of conversion must be in a record and must include:
(1) the name and form of the organization before
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(2) the name and form of the organization after
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(3) the terms and conditions of the conversion,
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| including the manner and basis for converting interests in the converting organization into any combination of money, interests in the converted organization, and other consideration; and
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(4) the organizational documents of the converted
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(Source: P.A. 93-967, eff. 1-1-05.)
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