(215 ILCS 5/12) (from Ch. 73, par. 624)
(Section scheduled to be repealed on January 1, 2027)
Sec. 12.
By-laws.
(1) The incorporators shall adopt by-laws for the company and such
by-laws may not be altered, amended, or repealed, prior to the issuance of
a certificate of authority to the company, except by written consent of
subscribers representing at least two-thirds of the shares subscribed, and
the approval of the Director.
(2) After a certificate of authority is issued to a company, the power
to make, alter, amend or repeal by-laws shall be vested in the board of
directors unless reserved to the shareholders by the articles of
incorporation.
(Source: Laws 1937, 696.)
|