{"data":{"id":"us-il/805-ilcs-40-2.10","jurisdiction":"us-il","citation":"805 ILCS 40/2.10","heading":"Termination of status.","body":"(a) A benefit corporation may terminate its status as such and cease to be subject to this Act by amending its articles of incorporation to remove the 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.\n(b) If a plan of merger, conversion, or share exchange would have the effect of terminating the status of a corporation as a benefit corporation, in order to be effective, the plan must be adopted by at least the minimum status vote.\n(c) A sale, lease, exchange or other disposition of all or substantially all of the assets of a benefit corporation, unless the transaction is in the usual and ordinary course of business, shall not be effective unless the transaction is adopted by at least the minimum status vote.","path":["CHAPTER 805 BUSINESS ORGANIZATIONS","Benefit Corporation Act."],"source_url":"https://www.ilga.gov/legislation/ILCS/details?ActID=3419\u0026ChapterID=65\u0026ChapAct=FullText\u0026Print=True","current_through":"at least Public Act 104-790","vintage":"","retrieved_at":"2026-09-15T04:46:47Z","sha256":"2e29eb752bbc6c242ba732241ef8e4a727a8cd5163b39c8337069a79229d9749","source_id":"us-il","stale":false,"prev":"us-il/805-ilcs-40-2.05","next":"us-il/805-ilcs-40-3.01"},"notice":"GroundRules: Original legal text. Not legal advice."}