Full Text of HB2527 98th General Assembly
HB2527eng 98TH GENERAL ASSEMBLY |
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| 1 | | AN ACT concerning regulation.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | Section 5. The General Not For Profit Corporation Act of | 5 | | 1986 is amended by changing Sections 107.10 and 112.10 and by | 6 | | adding Section 112.12 as follows:
| 7 | | (805 ILCS 105/107.10) (from Ch. 32, par. 107.10)
| 8 | | Sec. 107.10. Informal action by members entitled to
vote. | 9 | | (a) Unless otherwise provided in the articles of
| 10 | | incorporation or the bylaws, except for the dissolution of a | 11 | | not-for-profit corporation organized for the purpose of | 12 | | ownership or administration of residential property on a | 13 | | cooperative basis, any action required by this
Act to be taken | 14 | | at any annual or special meeting of the
members entitled to | 15 | | vote, or any other action which may be
taken at a meeting of | 16 | | the members entitled to vote, may be
taken by ballot without a | 17 | | meeting in writing by mail, e-mail, or any other electronic | 18 | | means pursuant to which the members entitled to vote thereon | 19 | | are given the opportunity to vote for or against the proposed | 20 | | action, and the action receives approval by a majority of the | 21 | | members casting votes, or such larger number as may be required | 22 | | by the Act, the articles of incorporation, or the bylaws, | 23 | | provided that the number of members casting votes would |
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| 1 | | constitute a quorum if such action had been taken at a meeting. | 2 | | Voting must remain open for not less than 5 days from the date | 3 | | the ballot is delivered; provided, however, in the case of a | 4 | | removal of one or more directors, a merger, consolidation, | 5 | | dissolution or sale, lease or exchange of assets, the voting | 6 | | must remain open for not less than 20 days from the date the | 7 | | ballot is delivered.
| 8 | | (b) Such informal action by members shall become
effective | 9 | | only if, at least 5 days prior to the
effective date of such | 10 | | informal action, a notice in writing of the
proposed action is | 11 | | delivered to all of the members entitled
to vote with respect | 12 | | to the subject matter thereof.
| 13 | | (c) In the event that the action which is approved is
such | 14 | | as would have required the filing of a certificate
under any | 15 | | other Section of this Act if such action had been
voted on by | 16 | | the members at a meeting thereof, the
certificate filed under | 17 | | such other Section shall state, in
lieu of any statement | 18 | | required by such Section concerning
any vote of members, that | 19 | | an informal vote has been conducted in
accordance with the | 20 | | provisions of this Section and that
written notice has been | 21 | | delivered as provided in this
Section.
| 22 | | (d) In addition, unless otherwise provided in the articles | 23 | | of incorporation or the bylaws, any action required by this Act | 24 | | to be taken at any annual or special meeting of the members | 25 | | entitled to vote, or any other action which may be taken at a | 26 | | meeting of members entitled to vote, may also be taken without |
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| 1 | | a meeting and without a vote if a consent in writing, setting | 2 | | forth the action so taken, shall be approved by all the members | 3 | | entitled to vote with respect to the subject matter thereof. | 4 | | (Source: P.A. 96-649, eff. 1-1-10; 96-994, eff. 7-2-10.)
| 5 | | (805 ILCS 105/112.10) (from Ch. 32, par. 112.10)
| 6 | | Sec. 112.10.
Voluntary dissolution by written consent of
| 7 | | members entitled to vote. Except for the dissolution of a | 8 | | not-for-profit corporation organized for the purpose of | 9 | | ownership or administration of residential property on a | 10 | | cooperative basis. When Where a corporation has members
| 11 | | entitled to vote on dissolution, the dissolution of a
| 12 | | corporation may be authorized pursuant to Section 107.10 of
| 13 | | this Act. Dissolution pursuant to the Section does not
require | 14 | | any vote of the directors of the corporation.
| 15 | | (Source: P.A. 84-1423.)
| 16 | | (805 ILCS 105/112.12 new) | 17 | | Sec. 112.12. Dissolution of residential cooperative | 18 | | housing corporations. When a not-for-profit corporation | 19 | | organized for the purpose of ownership or administration of | 20 | | residential property on a cooperative basis has members | 21 | | entitled to vote on dissolution, there must be an open meeting | 22 | | and vote of those members before a dissolution may be | 23 | | authorized.
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