(215 ILCS 5/168) (from Ch. 73, par. 780)
Sec. 168.
Rights of
dissenting policyholder of domestic company.
(1) If not less than five per centum of all the policyholders in any
domestic company who were entitled to vote with respect to any merger or
consolidation and who did not vote in favor of such merger or consolidation
at the meeting at which the agreement of merger or consolidation was
adopted by the policyholders of such company, or if not less than five per
centum of the members of any domestic fraternal benefit society party to a
merger or consolidation shall file, at any time within thirty days after
the agreement of merger or consolidation is effected, a petition with the
Director for a hearing upon such agreement of merger or consolidation, the
Director shall order a hearing upon said petition, fix the time and place
of such hearing, and give written notice to the companies that are parties
to the merger or consolidation, at least fifteen days before the date of
such hearing. Any member or policyholder so petitioning may appear before
the Director at such hearing, either in person or by an attorney, and be
heard with reference to said agreement. If, upon such hearing being had,
the Director finds that the interests of the members or policyholders, as
the case may be, of such company are not properly protected, or if he finds
that any reasonable objection exists to such agreement, he shall enter an
order revoking the approval already given, and the agreement of merger or
consolidation shall, thereupon, become null and void.
(2) The Director shall have like power to revoke any approval of any
such agreement if any officer, director or employee of any company party to
such agreement shall, after reasonable notice, fail or refuse without
reasonable cause to attend and testify at such hearing, or to produce any
books or papers called for by said Director.
(Source: Laws 1937, p. 696.)
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