(805 ILCS 5/7.40) (from Ch. 32, par. 7.40)
Sec. 7.40.
Voting of shares.
(a) Subject to subsections (b), (c), and (d)
of this Section 7.40, each outstanding share, regardless of class, shall
be entitled to one vote in each matter submitted to a vote at a meeting
of shareholders, and except as specifically provided in Section 8.30,
in all elections for directors, every shareholder shall have the right to
vote the number of shares owned by such shareholder for as many persons
as there are directors to be elected, or to cumulate such votes and give
one candidate as many votes as shall equal the number of directors multiplied
by the number of such shares or to distribute such cumulative votes in any
proportion among any number of candidates. A shareholder may vote either
in person or by proxy subject to the provisions of Section 7.50.
(b) The articles of incorporation of any corporation incorporated after
December 31, 1981, may limit or eliminate cumulative voting rights in all
or specified circumstances, or may limit or deny voting rights or may provide
special voting rights as to any class or classes or series of shares of
such corporation.
(c) A corporation may amend its articles of incorporation
to limit or eliminate cumulative voting rights in all or
specified circumstances, or to limit or deny voting rights or to provide
special
voting rights as to any class or classes or series of shares of such
corporation.
(d) If the articles of incorporation provide for more or less than one
vote for any share on any matter, every reference in this Act to a majority or
other proportion greater than a majority of shares shall refer to that majority
or other proportion greater than a majority of the votes of the shares.
(Source: P.A. 89-48, eff. 6-23-95.)
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