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Illinois Compiled Statutes - Full Text
Illinois Compiled Statutes (ILCS)
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(805 ILCS 5/12.40) (from Ch. 32, par. 12.40)
Sec. 12.40. Procedure for administrative dissolution.
(a) After the
Secretary of State determines that one or more grounds exist under Section
12.35 for the administrative dissolution of a corporation, he or she shall
send by regular mail to each delinquent corporation a Notice of Delinquency
to its registered office, or, if the corporation has failed to maintain
a registered office, then to the president or other principal officer at
the last known office of said officer.
(b) If the corporation does not correct the default
described in paragraphs (a) through (e) of Section 12.35
within 90 days following
such notice, the Secretary of State shall thereupon dissolve the corporation
by issuing a certificate of dissolution that recites the ground or grounds
for dissolution and its effective date.
If the corporation does not correct the default described in paragraphs (f)
through (h) of
Section 12.35, within 30 days following such notice, the Secretary of State
shall
thereupon dissolve the corporation by issuing a certificate of dissolution as
herein
prescribed.
The Secretary of State shall file
the original of the certificate in his or her office and mail one copy to the
corporation at its registered office or,
if the corporation has failed to maintain a registered office, then to
the president or
other principal officer at the last known office of said officer.
(c) The administrative dissolution of a corporation terminates its corporate
existence and such a dissolved corporation shall not thereafter carry on
any business, provided however, that such a dissolved corporation may take
all action authorized under Section 12.75 or as otherwise necessary or appropriate to wind up and liquidate
its business and affairs under Section 12.30.
(Source: P.A. 98-776, eff. 1-1-15.)
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