Illinois Administrative Code
Title 50 - INSURANCE
Part 203 - PROXIES, CONSENTS AND AUTHORIZATIONS OF DOMESTIC STOCK COMPANIES
Section 203.40 - Definitions
Universal Citation: 50 IL Admin Code ยง 203.40
Current through Register Vol. 48, No. 12, March 22, 2024
a) For purposes of this Part the term "company" is defined in Subsection (e) of Section 2 of the Illinois Insurance Code (Ill. Rev. Stat. 1981, ch. 73, par. 614).
b) The terms "solicit" and "solicitation" for purposes of this Part include:
1) Any request
for a proxy, whether or not accompanied by or included in a form of proxy;
or
2) any request to execute or not
to execute, or to revoke, a proxy; or
3) the furnishing of a form of proxy or other
communication to security holders under circumstances reasonably calculated to
result in the procurement, withholding or revocation of a proxy.
c) The terms "solicit" and "solicitation" do not include:
1) any
solicitation by a person concerning securities of which he is the beneficial
owner;
2) action by a broker or
other person concerning securities carried in his name or in the name of his
nominee in forwarding to the beneficial owner of the securities soliciting
material received from the company, or impartially instructing the beneficial
owner to forward a proxy to the person, in any, to whom the beneficial owner
desires to give a proxy, or impartially requesting instructions from the
beneficial owner concerning the authority to be conferred by the proxy and
stating that a proxy will be given if the instructions are received by a
certain date;
3) the furnishing of
a form of proxy to a security holder upon the unsolicited request from the
security holder, or the performance by any person of ministerial acts on behalf
of a person soliciting a proxy.
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