Sen. Kyle McCarter
Filed: 3/12/2010
 
 

 




 

 		












09600SB2508sam001

LRB096 14822 DRJ 38871 a






1

AMENDMENT TO SENATE BILL 2508




2
    AMENDMENT NO. ______. Amend Senate Bill 2508 on page 1, 
3
after line 3, by inserting the following:

 
4
    "Section 3. The Limited Liability Company Act is amended  by 
5
changing Section 1-25 as follows:
 
6
    (805 ILCS 180/1-25)
7
    Sec. 1-25. Nature of business. A limited liability company 
8
may be formed
for any lawful purpose or business except:
9
        (1) (blank);
10
        (2) insurance unless, for the purpose of carrying on 
11
    business as a member
of a group including incorporated and 
12
    individual unincorporated underwriters,
the Director of 
13
    Insurance finds that the group meets the requirements of

14
    subsection (3) of Section 86 of the Illinois Insurance Code 
15
    and the limited
liability company, if insolvent, is subject 
16
    to liquidation by the Director of
Insurance under Article 
 


 






09600SB2508sam001
- 2 -
LRB096 14822 DRJ 38871 a




1
    XIII of the Illinois Insurance Code;
2
        (3) the practice of dentistry unless all the members 
3
    and managers are
licensed as dentists under the Illinois 
4
    Dental Practice Act; or
5
        (4) the practice of medicine unless all the managers, 
6
    if any, are
licensed to practice medicine under the Medical 
7
    Practice Act of 1987 and each
member is either:
8
            (A) licensed to practice medicine under the 
9
        Medical Practice Act of
1987; or
10
            (B) a registered medical corporation or 
11
        corporations organized pursuant
to the Medical 
12
        Corporation Act; or
13
            (C) a professional corporation organized pursuant 
14
        to the Professional
Service Corporation Act of 
15
        physicians licensed to practice under the Medical 
16
        Practice Act of 1987; or
17
            (D) a hospital affiliate as defined in Section 10.8 
18
        of the Hospital Licensing Act; or 
19
            (E) (D) a limited liability company that satisfies 
20
        the requirements of
subparagraph (A), (B), or (C), or 
21
        (D).
22
(Source: P.A. 95-331, eff. 8-21-07; 95-738, eff. 1-1-09.)".