90th General Assembly
Status of HB0613
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   805 ILCS 5/7.85           from Ch. 32, par. 7.85                            

        Amends the Business Corporation Act of 1983 in  relation  to  the      
   vote  required  for  certain  business  combinations.   Increases  the      
   threshold  share ownership level before a shareholder is considered to      
   be an interested  shareholder  from  10%  to  15%.   Provides  that  a      
   corporation may elect to not be subject to the vote requirements by an      
   action  of  its  board of directors within 90 days after the effective      
   date of this amendatory Act.  Provides that a corporation may  in  its      
   articles  of  incorporation  elect  to  not  be  subject  to  the vote      
        SENATE AMENDMENT NO. 1.                                                
          Adds reference to:                                                   
          805 ILCS 5/11.75                from Ch. 32, par. 11.75              
        Provides that the term "interested shareholder" does not  include      
   a  person  who  owned shares in excess of the 15% limitation and is an      
   affiliate or associate of the corporation and so continued to  be  the      
   owner  of  15%  or  more  of  the  outstanding  voting  shares  of the      
   corporation.   Provides  that  the   term   "associate"   includes   a      
   corporation,  partnership, unincorporated association, or other entity      
   (instead of a corporation or organization) of which the  person  is  a      
   director,  officer,  or  partner  or  is the owner of 20% or more of a      
   class of voting shares.  Adds definitions  for  "shares"  and  "voting      
   shares".   Further  amends the Business Corporation Act of 1983 in the      
   provisions   concerning   business   combinations   with    interested      
   shareholders.    Provides   that   an  amendment  shall  be  effective      
   immediately in the case of a corporation that has never had a class of      
   voting shares that falls within certain categories and has not elected      
   to be governed by these provisions (instead  of  not  being  effective      
   until   12   months   after  adoption).   Adds  an  exception  to  the      
   restrictions in these provisions for if the  business  combination  is      
   with an interested shareholder who became an interested shareholder at      
   a  time  when  the  restrictions  did not apply.  Makes changes to the      
   definitions of "associate", "control", "interested  shareholder",  and      
   "voting  shares".   Adds  a  definition  for  "shares".   Makes  other      
   97-02-06  H  FIRST READING                                                  
   97-02-06  H  ADDED AS A JOINT SPONSOR                 LANG                  
   97-02-06  H  ADDED AS A CO-SPONSOR                    SCOTT                 
   97-02-06  H  REFERRED TO HOUSE RULES COMMITTEE        RULES                 
   97-02-10  H       ASSIGNED TO COMMITTEE               JUD-CIVIL LAW         
   97-03-21  H  DO PASS/SHORT DEBATE                     011-000-000   HJUA    
   97-03-21  H  PLACED CALENDAR 2ND READING-SHORT DEBATE                       
   97-04-08  H  SECOND READING-SHORT DEBATE                                    
   97-04-08  H  PLCD CAL ORDER 3RD READING-SHORT DEBATE                        
   97-04-09  H  THIRD READING/SHORT DEBATE/PASSED        115-000-000           
   97-04-10  S  ARRIVE IN SENATE                                               
   97-04-10  S  PLACED CALENDAR ORDER OF FIRST READING                         
   97-04-11  S  CHIEF SPONSOR                            CULLERTON             
   97-04-14  S  FIRST READING                                                  
   97-04-14  S  REFERRED TO SENATE RULES COMMITTEE       RULES                 
   97-04-24  S       ASSIGNED TO COMMITTEE               JUDICIARY             
   97-05-07  S       DO PASS                             009-000-000   SJUD    
   97-05-07  S  PLACED ON CALENDAR ORDER OF 2ND READING  97-05-08              
   97-05-08  S  SECOND READING                                                 
   97-05-08  S  PLACED ON CALENDAR ORDER OF 3RD READING  97-05-09              
   97-05-14  S  FILED WITH SECRETARY                                           
   97-05-14  S                             AMENDMENT NO. 01-CULLERTON          
   97-05-14  S                     AMENDMENT REFERRED TO SRUL                  
   97-05-15  S                             AMENDMENT NO. 01-CULLERTON          
   97-05-15  S                           RULES REFERS TO SJUD                  
   97-05-16  S                             AMENDMENT NO. 01-CULLERTON          
   97-05-16  S             BE APPROVED FOR CONSIDERATION SJUD/007-000-000      
   97-05-16  S  RECALLED TO SECOND READING                                     
   97-05-16  S                             AMENDMENT NO. 01-CULLERTON          
   97-05-16  S                                   ADOPTED                       
   97-05-16  S  PLACED ON CALENDAR ORDER OF 3RD READING  97-05-16              
   97-05-16  S  THIRD READING - PASSED                   057-000-000           
   97-05-16  H  ARRIVE IN HOUSE                                                
   97-05-16  H  MOTION FILED CONCUR                      01/CROSS              
   97-05-16  H  REFERRED TO RULES COMMITTEE/RULE 75(A)   01                    
   97-05-16  H  PLACED ON CALENDAR ORDER OF CONCURRENCE  01                    
   97-05-20  H                        MOTION REFERRED TO 01/HJUA               
   97-05-20  H  PLACED ON CALENDAR ORDER OF CONCURRENCE  01                    
   97-05-21  H             BE APPROVED FOR CONSIDERATION 01/011-000-000        
   97-05-21  H  PLACED ON CALENDAR ORDER OF CONCURRENCE  01                    
   97-05-22  H  HSE CONCURS IN SEN AMENDMENTS (NO.)      01/118-000-000        
   97-05-22  H  PASSED BOTH HOUSES                                             
   97-06-20  H  SENT TO THE GOVERNOR                                           
   97-08-17  H  GOVERNOR APPROVED                                              
   97-08-17  H                            EFFECTIVE DATE 98-01-01              
   97-08-17  H  PUBLIC ACT.............................. 90-0461               


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