(Section scheduled to be repealed on January 1, 2027) Sec. 118. Withdrawal from the State. (1) Any foreign or alien company admitted to do business in this State may withdraw from this State by filing with the Director a statement of withdrawal, signed and verified by a president, vice-president or an executive officer corresponding thereto, or in the case of a reciprocal or Lloyds, by the attorney-in-fact, and setting forth (a) that the company surrenders its authority to transact business in this State and returns for cancellation its certificate of authority; (b) except in the case of a reciprocal or Lloyds, that the withdrawal of the company from this State has been duly authorized by the board of directors, trustees or other governing body of such company; and (c) a postoffice address to which the Director may mail a copy of any process against the withdrawing company that may be served upon him. (2) Upon the filing of such statement together with its certificate of authority with the Director and payment of any taxes or charges that may be due, the Director shall cancel the certificate of authority and return the cancelled certificate to the company. The authority of the company to transact business in this State shall thereupon cease. transact business in this State and returns for cancellation its certificate of authority; that the withdrawal of the company from this State has been duly authorized by the board of directors, trustees or other governing body of such company; and mail a copy of any process against the withdrawing company that may be served upon him.
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