Authority, Application and Effective Date

Section 203 Section 203.10  Authority, Application and Effective Date This Part is prescribed by the Director of Insurance under the authority granted him in Subsection (a) of Section 28.2 of the Illinois Insurance Code by which the Director is authorized to regulate proxies, consents, and authorizations in respect to securities issued by a company subject to Article II of the Illinois Insurance Code.  This Part is applicable to each domestic stock company which has any class of equity security held of record by 100 or more persons.  But, this Part does not apply to any company if 95 per cent or more of its equity securities are owned or controlled by a parent or an affiliated company and the remaining securities are held of record by less than 500 persons.  A domestic stock company which files with the Securities and Exchange Commission forms of proxies, consents and authorizations complying with the requirements of the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.), as amended, and the applicable regulations promulgated thereunder, is exempt from this Part with respect to any class of securities subject to Securities and Exchange Commission (SEC) jurisdiction. This Part is effective on January 1, 1970.