HB4865 96TH GENERAL ASSEMBLY

LRB096 16895 MJR 32207 b

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.

A BILL FOR

AN ACT concerning financial regulation.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Illinois Credit Union Act is amended by changing Section 19 as follows:

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

Sec. 19. Meeting of members.

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

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

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

(4) 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.

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

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