LRB093 05508 JLS 05599 b

 1        AN ACT in relation to insurance.

 2        Be it enacted by the People of  the  State  of  Illinois,
 3    represented in the General Assembly:

 4        Section  5.   The  Illinois  Insurance Code is amended by
 5    changing Section 41 as follows:

 6        (215 ILCS 5/41) (from Ch. 73, par. 653)
 7        Sec. 41. Executive committee. If the by-laws so  provide,
 8    the  board  of directors or trustees, by a resolution adopted
 9    by a majority of the whole board, may designate  3  three  or
10    more  of  their  number to constitute an executive committee,
11    which  committee  shall,  to  the  extent  provided  in   the
12    resolution  or  in the by-laws, have and exercise, during the
13    interim between  the  meetings  of  the  board,  all  of  the
14    authority  of the board in the management of the company, but
15    the designation of such committee shall not relieve the board
16    or any member thereof of any responsibility imposed by law.
17    (Source: Laws 1937, p. 696.)