Full Text of HB4865 96th General Assembly
HB4865 96TH GENERAL ASSEMBLY
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96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010 HB4865
Introduced 1/15/2010, by Rep. Thomas Holbrook SYNOPSIS AS INTRODUCED: |
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205 ILCS 305/19 |
from Ch. 17, par. 4420 |
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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.
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A BILL FOR
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HB4865 |
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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 | 5 |
| 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 | 9 |
| months of January, February or March or such other month
as may | 10 |
| 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 | 12 |
| special
meetings of the members of the credit union shall be | 13 |
| held at the time, place
and in the manner set forth in the | 14 |
| bylaws. Unless otherwise set forth in
this Act, quorum | 15 |
| requirements for meetings of members shall be established
by a | 16 |
| credit union in its bylaws. Notice of all meetings must be | 17 |
| given by
the Secretary of the credit union at least 7 days | 18 |
| before the date of such
meeting, either by handing a written or | 19 |
| printed notice to each
member of the credit union, by mailing | 20 |
| the notice to the member at his address
as listed on the books | 21 |
| and records of the credit union, or by posting a
notice of the | 22 |
| meeting in three conspicuous places, including the office
of | 23 |
| the credit union.
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HB4865 |
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LRB096 16895 MJR 32207 b |
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| (2) On all questions and at all elections, except election | 2 |
| of directors,
each member has one vote regardless of the number | 3 |
| of his shares. There
shall be no voting by proxy except on the | 4 |
| election of directors, proposals
for merger or voluntary | 5 |
| dissolution. All voting on the election of directors
shall be | 6 |
| by ballot, but when there is no contest, written ballots need | 7 |
| not
be cast. The record date to be used for the purpose of | 8 |
| determining which
members are entitled to notice of or to vote | 9 |
| at any meeting of members,
may be fixed in advance by the | 10 |
| directors on a date not more than 90 days
nor less than 10 days | 11 |
| prior to the date of the meeting. If no record date
is fixed by | 12 |
| the directors, the first day on which notice of the meeting
is | 13 |
| given, mailed or posted is the record date.
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| (3) Regardless of the number of shares owned by a society, | 15 |
| association,
club, partnership, other credit union or | 16 |
| corporation, having membership
in the credit union, it shall be | 17 |
| entitled to only
one vote and it may be represented and have | 18 |
| its vote cast by its
designated agent acting on its
behalf | 19 |
| pursuant
to a resolution
adopted by the organization's board of | 20 |
| directors or similar governing
authority;
provided that the | 21 |
| credit union shall obtain a certified copy of such resolution
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| before such vote may be cast. | 23 |
| (4) A proxy may be revoked by a written statement to that | 24 |
| effect, by execution of a subsequently dated proxy, or by | 25 |
| 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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HB4865 |
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LRB096 16895 MJR 32207 b |
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| Section 99. Effective date. This Act takes effect upon | 2 |
| becoming law.
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