CROSS-LANG-SCOTT. (CULLERTON) 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 requirements. 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 changes. 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 END OF INQUIRY Full Text Bill Summary