|
|
||||
| Public Act 094-1099 |
||||
| ||||
| ||||
AN ACT concerning business.
| ||||
Be it enacted by the People of the State of Illinois,
| ||||
represented in the General Assembly:
| ||||
Section 5. The Business Corporation Act of 1983 is amended | ||||
by changing Section 2.35 as follows:
| ||||
(805 ILCS 5/2.35) (from Ch. 32, par. 2.35)
| ||||
Sec. 2.35. Meetings of the board of directors of a | ||||
residential
cooperative corporation containing 24 or more | ||||
units shall be open to any
residential shareholder, except for | ||||
the portion of any meeting held (i) to
discuss litigation when | ||||
an action against or on behalf of the
corporation has been | ||||
filed and is pending in a court or administrative
tribunal, or | ||||
when the board of directors finds that such an action is
| ||||
probable or imminent, (ii) to consider information regarding | ||||
appointment,
employment or dismissal of an employee, or (iii) | ||||
to discuss violations of
rules and regulations of the | ||||
corporation by a residential shareholder.
Any residential | ||||
shareholder
may record by tape, film or other means the | ||||
proceedings at such meetings or
portions thereof required to be
| ||||
open by this Section. The board may prescribe
reasonable rules | ||||
and regulations to govern the right to make such
recordings. | ||||
Notice of such meetings shall be mailed or delivered at
least | ||||
48 hours prior thereto, unless a written waiver of such notice | ||||
is
signed by the person or persons entitled to such notice | ||||
pursuant to the
articles of incorporation, bylaws, or other | ||||
instrument
before the meeting is convened. Copies
of notices of | ||||
meetings of the board of directors shall be posted in
| ||||
entranceways, elevators, or other conspicuous places in the | ||||
residential
cooperative at least 48 hours prior to the meeting | ||||
of the board of
directors. If there is no common entranceway | ||||
for 7 or more
apartments, the board of directors may designate | ||||
one or more locations in
the proximity of such units where the | ||||
notices of meetings shall be posted.
For purposes of this | ||
Section, "meeting of the board of directors" means any
| ||
gathering of a quorum of the members of the board of directors | ||
of the
residential cooperative held for the purpose of | ||
discussing business of the
cooperative.
The provisions of this | ||
Section shall apply to any residential cooperative
containing | ||
24 or more units situated in the State of Illinois regardless | ||
of where
such cooperative may be incorporated.
| ||
(Source: P.A. 92-638, eff. 1-1-03.)
| ||
Section 10. The General Not For Profit Corporation Act of | ||
1986 is amended by changing Section 108.21 as follows:
| ||
(805 ILCS 105/108.21) (from Ch. 32, par. 108.21)
| ||
Sec. 108.21. Meetings of the board of directors of a | ||
not-for-profit homeowners association or residential
| ||
cooperative not-for-profit corporation containing 24 or more | ||
units
shall be open to any member, except for the portion of | ||
any meeting held (i) to
discuss litigation when an action | ||
against or on behalf of the
corporation has been filed and is | ||
pending in a court or administrative
tribunal, or when the | ||
board of directors finds that such an action is
probable or | ||
imminent, (ii) to consider information regarding appointment,
| ||
employment or dismissal of an employee, or (iii) to discuss | ||
violations of
rules and regulations of the corporation by a | ||
residential shareholder.
Any member
may record by tape, film or | ||
other means the proceedings at such meetings or
portions | ||
thereof required to be
open by this Section. The board may | ||
prescribe
reasonable rules and regulations to govern the right | ||
to make such
recordings. Notice of such meetings shall be | ||
mailed or delivered at
least 48 hours prior thereto, unless a | ||
written waiver of such notice is
signed by the person or | ||
persons entitled to such notice pursuant to the
articles of | ||
incorporation, bylaws, other instrument
before the meeting is | ||
convened. Copies
of notices of meetings of the board of | ||
directors shall be posted in
entranceways, elevators, or other | ||
conspicuous places in the residential
cooperative at least 48 | ||
hours prior to the meeting of the board of
directors. If there | ||
is no common entranceway for 7 or more
units
apartments, the | ||
board of directors may designate one or more locations in
the | ||
proximity of such units where the notices of meetings shall be | ||
posted.
For purposes of this Section, "meeting of the board of | ||
directors" means any
gathering of a quorum of the members of | ||
the board of directors of the
residential cooperative held for | ||
the purpose of discussing business of the
homeowners | ||
association or cooperative.
The provisions of this Section | ||
shall apply to any homeowners association or residential | ||
cooperative
containing 24 or more units
situated in the State | ||
of Illinois regardless of where
it
such cooperative may be | ||
incorporated.
| ||
(Source: P.A. 91-465, eff. 8-6-99; 92-638, eff. 1-1-03.)
| ||
Section 99. Effective date. This Act takes effect upon | ||
becoming law. | ||