Public Act 094-1099
 
SB2772 Enrolled LRB094 18971 LCT 54438 b

    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.

Effective Date: 2/2/2007