Full Text of HB0352 95th General Assembly
HB0352 95TH GENERAL ASSEMBLY
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95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008 HB0352
Introduced 1/22/2007, by Rep. Thomas Holbrook SYNOPSIS AS INTRODUCED: |
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205 ILCS 305/20 |
from Ch. 17, par. 4421 |
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Amends the Illinois Credit Union Act. Provides that upon amendment of a credit union's bylaws approved by the members, in all elections for Directors, every member who is a natural person shall have the right to cast one vote, regardless of the number of his or her shares, in person or by proxy, for as many persons as there are Directors to be elected.
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A BILL FOR
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HB0352 |
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LRB095 05308 MJR 25386 b |
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| AN ACT concerning 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 | 5 |
| changing Section 20 as follows:
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| (205 ILCS 305/20) (from Ch. 17, par. 4421)
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| Sec. 20. Election or appointment of officials.
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| (1) The credit union shall
be directed by a Board of | 9 |
| Directors consisting of no less than 7 in number,
to be elected | 10 |
| at the annual meeting by and from the members. Directors shall
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| hold office until the next annual meeting, unless their
terms | 12 |
| are staggered. Upon amendment of its bylaws, a credit union may | 13 |
| divide
the Directors into 2 or 3 classes with each class as | 14 |
| nearly equal in number as
possible. The term of office of the | 15 |
| directors of the first class shall expire
at the first annual | 16 |
| meeting after their election, that of the second class
shall
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| expire at the second annual meeting after their election, and | 18 |
| that of the third
class, if any, shall expire at the third | 19 |
| annual meeting after their election.
At each annual meeting | 20 |
| after the classification, the number of directors equal
to the | 21 |
| number of directors whose terms expire at the time of the | 22 |
| meeting shall
be elected to hold office until the second | 23 |
| succeeding annual meeting if there
are 2 classes or until the |
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HB0352 |
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LRB095 05308 MJR 25386 b |
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| third succeeding annual meeting if there are 3
classes. A | 2 |
| Director shall hold office for the term for which he
or she is | 3 |
| elected and until his or her
successor
is elected and | 4 |
| qualified. | 5 |
| (1.5) Except as provided in subsection (1.10), in
In all | 6 |
| elections for Directors, every member
has the right to vote, in | 7 |
| person or by proxy, the number of shares owned
by him, or in | 8 |
| the case of a member other than a natural person, the member's
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| one vote, for as many persons as there are Directors to be | 10 |
| elected, or to
cumulate such shares, and give one candidate as | 11 |
| many votes as the number
of Directors multiplied by the number | 12 |
| of his shares equals, or to distribute
them on
the same | 13 |
| principle among as many candidates as he may desire and the | 14 |
| Directors
shall not be elected in any other manner. Shares held | 15 |
| in a joint account
owned by more than one member may be voted | 16 |
| by any one of the members, however,
the number of cumulative | 17 |
| votes cast may not exceed a total equal to the number
of shares | 18 |
| multiplied by the number of directors to be elected. A majority | 19 |
| of
the shares entitled
to vote shall be represented either in | 20 |
| person or by proxy for the election
of Directors. Each Director | 21 |
| shall wholly take and subscribe to an oath
that he will | 22 |
| diligently and honestly perform his duties in administering
the | 23 |
| affairs of the credit union, that while he may delegate to | 24 |
| another the
performance of those administrative duties he is | 25 |
| not thereby relieved from
his responsibility for their | 26 |
| performance, that he will not knowingly violate
or willingly |
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HB0352 |
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LRB095 05308 MJR 25386 b |
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| permit to be violated any law applicable to the credit union,
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| and that he is the owner of at least one share of the credit | 3 |
| union.
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| (1.10) Upon amendment of a credit union's bylaws approved | 5 |
| by the members, in all elections for Directors, every member | 6 |
| who is a natural person shall have the right to cast one vote, | 7 |
| regardless of the number of his or her shares, in person or by | 8 |
| proxy, for as many persons as there are Directors to be | 9 |
| elected.
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| (2) The Board of Directors shall appoint from among the | 11 |
| members of the
credit union, a Supervisory Committee of not | 12 |
| less than 3 members at the
organization meeting and within 30 | 13 |
| days following each annual meeting of
the members for such | 14 |
| terms as the bylaws provide. Members of the Supervisory
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| Committee may, but need not be, on the Board of Directors, but | 16 |
| shall not
be officers of the credit union, members of the | 17 |
| Credit Committee,
or the
credit manager if no Credit Committee | 18 |
| has been appointed.
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| (3) The Board of Directors may appoint, from among the
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| members of the
credit union, a Credit Committee consisting of | 21 |
| an odd number, not less than
3 for such terms as the bylaws | 22 |
| provide. Members of the Credit Committee
may, but need not be, | 23 |
| Directors or officers of the credit union, but shall
not be | 24 |
| members of the Supervisory Committee.
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| (4) The Board of Directors may appoint from among the | 26 |
| members
of the
credit union a Membership Committee of one or |
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HB0352 |
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LRB095 05308 MJR 25386 b |
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| more persons. If appointed,
the Committee shall act
upon all | 2 |
| applications for membership and submit a report of its actions
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| to the Board of Directors at the next regular meeting for
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| review.
If no Membership Committee is appointed, credit union | 5 |
| management shall act
upon all applications for membership and | 6 |
| submit a report of its actions to the
Board of Directors at the | 7 |
| next regular meeting for review.
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| (Source: P.A. 91-929, eff. 12-15-00; 92-608, eff. 7-1-02.)
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