96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
HB4865


 
Introduced 1/15/2010, by Rep. Thomas Holbrook
 
SYNOPSIS AS INTRODUCED:
 		





 








205 ILCS 305/19
  from Ch. 17, par. 4420








     Amends the Illinois Credit Union Act. In provisions concerning the meeting of members, provides that a proxy may be revoked by a written statement to that effect, by execution of a subsequently-dated proxy, or by attendance at a meeting and voting in person. Effective immediately.
  















LRB096 16895 MJR 32207 b

















 


 


A BILL FOR









 




  






HB4865

LRB096 16895 MJR 32207 b





  
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    AN ACT concerning financial regulation.
  
 
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    Be it enacted by the People of the State of Illinois,
 
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represented in the General Assembly:
  
 
 
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    Section 5. The Illinois Credit Union Act is amended  by 
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changing Section 19 as follows:
 



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    (205 ILCS 305/19)  (from Ch. 17, par. 4420)



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    Sec. 19. Meeting of members. 

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    (1) The annual meeting shall be held each
year during the 
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months of January, February or March or such other month
as may 
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be approved by the Department.  The meeting shall be held at the

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time, place and in the manner set forth in the bylaws.  Any 
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special
meetings of the members of the credit union shall be 
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held at the time, place
and in the manner set forth in the 
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bylaws.  Unless otherwise set forth in
this Act, quorum 
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requirements for meetings of members shall be established
by a 
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credit union in its bylaws. Notice of all meetings must be 
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given by
the Secretary of the credit union at least 7 days 
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before the date of such
meeting, either by handing a written or 
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printed notice to each
member of the credit union, by mailing 
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the notice to the member at his address
as listed on the books 
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and records of the credit union, or by posting a
notice of the 
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meeting in three conspicuous places, including the office
of 
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the credit union.

 


 






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    (2) On all questions and at all elections, except election 
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of directors,
each member has one vote regardless of the number 
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of his shares.  There
shall be no voting by proxy except on the 
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election of directors, proposals
for merger or voluntary 
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dissolution.  All voting on the election of directors
shall be 
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by ballot, but when there is no contest, written ballots need 
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not
be cast.  The record date to be used for the purpose of 
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determining which
members are entitled to notice of or to vote 
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at any meeting of members,
may be fixed in advance by the 
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directors on a date not more than 90 days
nor less than 10 days 
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prior to the date of the meeting.  If no record date
is fixed by 
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the directors, the first day on which notice of the meeting
is 
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given, mailed or posted is the record date.

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    (3) Regardless of the number of shares owned by a society, 
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association,
club, partnership, other credit union or 
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corporation, having membership
in the credit union, it shall be 
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entitled to only
one vote and it may be represented and have 
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its vote cast by its
designated agent acting on its
behalf 
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pursuant
to a resolution
adopted by the organization's board of 
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directors or similar governing
authority;
provided that the 
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credit union shall obtain a certified copy of such resolution

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before such vote may be cast.
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    (4) A proxy may be revoked by a written statement to that 
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effect, by execution of a subsequently dated proxy, or by 
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attendance at a meeting and voting in person. 

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(Source: P.A. 89-603, eff. 8-2-96.)

 
 
 


 






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    Section 99. Effective date. This Act takes effect upon 
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becoming law.