Illinois Compiled Statutes 805 ILCS 40 Benefit Corporation Act. Section 2.05

    (805 ILCS 40/2.05)

    Sec. 2.05. Election of status.

    (a) A corporation may become a benefit corporation under this Act by amending its articles of incorporation so that they contain a statement that the corporation is a benefit corporation. In order to be effective, the amendment must be adopted by at least the minimum status vote.

    (b) For any entity that is a party to a merger or consolidation or is the exchanging entity in a share exchange, where the surviving, new, or resulting entity in the merger, consolidation, or share exchange is intended to be a benefit corporation, such plan of merger, consolidation, or share exchange must be adopted by at least the minimum status vote in order to be effective.

(Source: P.A. 97-885, eff. 1-1-13.)

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Last modified: February 18, 2015