Senate Sponsors: HALVORSON-CRONIN-VIVERITO. House Sponsors: TURNER,ART-RUTHERFORD Short description: CORPORATIONS-REGULATION Synopsis of Bill as introduced: Amends the Business Corporation Act of 1983. Makes numerous changes in provisions concerning the regulation of business corporations, including: prohibits a statement of correction from altering the articles of incorporation with respect to the corporation purpose, the class or classes of shares to be authorized, and the names and addresses of the initial directors; authorizes a refund or adjustment of interest claimed to have been erroneously paid or claimed to be payable; changes the definition of "paid-in capital"; authorizes omission (rather than removal) of the names and addresses of initial directors and initial registered agent from amended articles of incorporation; requires filing an application for withdrawal in duplicate (rather than triplicate); and makes changes concerning franchise taxes payable by domestic and foreign corporations. SENATE AMENDMENT NO. 1. Deletes reference to: 805 ILCS 5/1.80 805 ILCS 5/15.35 805 ILCS 5/15.65 Deletes change in definition of "paid-in capital". Deletes changes to Sections concerning franchise taxes payable by domestic corporations and by foreign corporations. Deletes substantive changes to Sections concerning the basis for computation of franchise taxes payable by domestic corporations and concerning the rate of franchise taxes payable by domestic corporations. Last action on Bill: PUBLIC ACT.............................. 91-0464 Last action date: 99-08-06 Location: Senate Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 1 END OF INQUIRY Full Text Bill Status