Illinois General Assembly - Bill Status for SB1872
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 Bill Status of SB1872  102nd General Assembly


Short Description:  CORP-RATIFY DEFECTIVE ACTIONS

Senate Sponsors
Sen. Jason A. Barickman

House Sponsors
(Rep. Deanne M. Mazzochi)

Hearings
Labor & Commerce Committee Hearing May 12 2021 2:00PM www.ilga.gov Virtual Room 2 Springfield, IL


Last Action
DateChamber Action
  4/28/2021HouseAssigned to Labor & Commerce Committee

Statutes Amended In Order of Appearance
805 ILCS 5/Art. 1A heading new
805 ILCS 5/1A.05 new
805 ILCS 5/1A.10 new
805 ILCS 5/1A.15 new
805 ILCS 5/1A.20 new
805 ILCS 5/1A.25 new
805 ILCS 5/1A.30 new
805 ILCS 5/1A.35 new
805 ILCS 5/1A.40 new


Synopsis As Introduced
Amends the Business Corporation Act of 1983. Adds an Article to the Act to provide for the ratification and validation of defective corporate actions. Authorizes corporations to correct actions taken without proper documentation or the overissuance of shares. Provides that such actions are not void if ratified as provided. Defines terms.

Senate Floor Amendment No. 1
Makes references to "election or designation" of initial directors, "defective corporate action", and "statement of correction" uniform throughout the new Article. Corrects a typographical error.

Actions 
DateChamber Action
  2/26/2021SenateFiled with Secretary by Sen. Jason A. Barickman
  2/26/2021SenateFirst Reading
  2/26/2021SenateReferred to Assignments
  3/16/2021SenateAssigned to Judiciary
  3/24/2021SenateDo Pass Judiciary; 008-000-000
  3/24/2021SenatePlaced on Calendar Order of 2nd Reading March 25, 2021
  3/31/2021SenateSenate Floor Amendment No. 1 Filed with Secretary by Sen. Jason A. Barickman
  3/31/2021SenateSenate Floor Amendment No. 1 Referred to Assignments
  4/13/2021SenateSenate Floor Amendment No. 1 Assignments Refers to Judiciary
  4/14/2021SenateSecond Reading
  4/14/2021SenatePlaced on Calendar Order of 3rd Reading April 15, 2021
  4/20/2021SenateSenate Floor Amendment No. 1 Recommend Do Adopt Judiciary; 009-000-000
  4/21/2021SenateRecalled to Second Reading
  4/21/2021SenateSenate Floor Amendment No. 1 Adopted; Barickman
  4/21/2021SenateThird Reading - Passed; 055-000-000
  4/22/2021HouseArrived in House
  4/22/2021HouseChief House Sponsor Rep. Deanne M. Mazzochi
  4/23/2021HouseFirst Reading
  4/23/2021HouseReferred to Rules Committee
  4/28/2021HouseAssigned to Labor & Commerce Committee
  5/7/2021HouseHouse Committee Amendment No. 1 Filed with Clerk by Rep. Deanne M. Mazzochi
  5/7/2021HouseHouse Committee Amendment No. 1 Referred to Rules Committee

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