(805 ILCS 105/107.25) (from Ch. 32, par. 107.25)
Sec. 107.25.
Fixing record date for voting.
For the
purpose of determining members entitled to notice of or to
vote at any meeting of members, or in order to make a
determination of members for any other proper purpose, the
board of directors of a corporation may fix in advance a
date as the record date for any such determination of
members, such date in any case to be not more than 60 days
and, for a meeting of members, not less than 5 days, or in
the case of a merger, consolidation, dissolution or sale,
lease or exchange of assets, not less than 20 days,
immediately preceding such meeting. If no record date is
fixed for the determination of members entitled to notice of
or to vote at a meeting of members, the date on which notice
of the meeting is delivered shall be the record date for
such determination of members. When a determination of
members entitled to vote at any meeting of members has been
made as provided in this Section, such determination shall
apply to any adjournment thereof. In lieu of the board of
directors from time to time establishing record dates, the
bylaws of the corporation may establish a mechanism for
determining record dates in all or specified instances.
(Source: P.A. 84-1423.)
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