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1 | AN ACT concerning business.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The Business Corporation Act of 1983 is amended | ||||||
5 | by changing Section 2.35 as follows:
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6 | (805 ILCS 5/2.35) (from Ch. 32, par. 2.35)
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7 | Sec. 2.35. Meetings of the board of directors of a | ||||||
8 | residential
cooperative corporation containing 24 or more | ||||||
9 | units shall be open to any
residential shareholder, except for | ||||||
10 | the portion of any meeting held (i) to
discuss litigation when | ||||||
11 | an action against or on behalf of the
corporation has been | ||||||
12 | filed and is pending in a court or administrative
tribunal, or | ||||||
13 | when the board of directors finds that such an action is
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14 | probable or imminent, (ii) to consider information regarding | ||||||
15 | appointment,
employment or dismissal of an employee, or (iii) | ||||||
16 | to discuss violations of
rules and regulations of the | ||||||
17 | corporation by a residential shareholder.
Any residential | ||||||
18 | shareholder
may record by tape, film or other means the | ||||||
19 | proceedings at such meetings or
portions thereof required to be
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20 | open by this Section. The board may prescribe
reasonable rules | ||||||
21 | and regulations to govern the right to make such
recordings. | ||||||
22 | Notice of such meetings shall be mailed or delivered at
least | ||||||
23 | 48 hours prior thereto, unless a written waiver of such notice | ||||||
24 | is
signed by the person or persons entitled to such notice | ||||||
25 | pursuant to the
articles of incorporation, bylaws, or other | ||||||
26 | instrument
before the meeting is convened. Copies
of notices of | ||||||
27 | meetings of the board of directors shall be posted in
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28 | entranceways, elevators, or other conspicuous places in the | ||||||
29 | residential
cooperative at least 48 hours prior to the meeting | ||||||
30 | of the board of
directors. If there is no common entranceway | ||||||
31 | for 7 or more
apartments, the board of directors may designate | ||||||
32 | one or more locations in
the proximity of such units where the |
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1 | notices of meetings shall be posted.
For purposes of this | ||||||
2 | Section, "meeting of the board of directors" means any
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3 | gathering of a quorum of the members of the board of directors | ||||||
4 | of the
residential cooperative held for the purpose of | ||||||
5 | discussing business of the
cooperative.
The provisions of this | ||||||
6 | Section shall apply to any residential cooperative
containing | ||||||
7 | 24 or more units situated in the State of Illinois regardless | ||||||
8 | of where
such cooperative may be incorporated.
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9 | (Source: P.A. 92-638, eff. 1-1-03.)
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10 | Section 10. The General Not For Profit Corporation Act of | ||||||
11 | 1986 is amended by changing Section 108.21 as follows:
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12 | (805 ILCS 105/108.21) (from Ch. 32, par. 108.21)
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13 | Sec. 108.21. Meetings of the board of directors of a | ||||||
14 | not-for-profit homeowners association or residential
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15 | cooperative not-for-profit corporation containing 24 or more | ||||||
16 | units
shall be open to any member, except for the portion of | ||||||
17 | any meeting held (i) to
discuss litigation when an action | ||||||
18 | against or on behalf of the
corporation has been filed and is | ||||||
19 | pending in a court or administrative
tribunal, or when the | ||||||
20 | board of directors finds that such an action is
probable or | ||||||
21 | imminent, (ii) to consider information regarding appointment,
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22 | employment or dismissal of an employee, or (iii) to discuss | ||||||
23 | violations of
rules and regulations of the corporation by a | ||||||
24 | residential shareholder .
Any member
may record by tape, film or | ||||||
25 | other means the proceedings at such meetings or
portions | ||||||
26 | thereof required to be
open by this Section. The board may | ||||||
27 | prescribe
reasonable rules and regulations to govern the right | ||||||
28 | to make such
recordings. Notice of such meetings shall be | ||||||
29 | mailed or delivered at
least 48 hours prior thereto, unless a | ||||||
30 | written waiver of such notice is
signed by the person or | ||||||
31 | persons entitled to such notice pursuant to the
articles of | ||||||
32 | incorporation, bylaws, other instrument
before the meeting is | ||||||
33 | convened. Copies
of notices of meetings of the board of | ||||||
34 | directors shall be posted in
entranceways, elevators, or other |
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1 | conspicuous places in the residential
cooperative at least 48 | ||||||
2 | hours prior to the meeting of the board of
directors. If there | ||||||
3 | is no common entranceway for 7 or more
units
apartments , the | ||||||
4 | board of directors may designate one or more locations in
the | ||||||
5 | proximity of such units where the notices of meetings shall be | ||||||
6 | posted.
For purposes of this Section, "meeting of the board of | ||||||
7 | directors" means any
gathering of a quorum of the members of | ||||||
8 | the board of directors of the
residential cooperative held for | ||||||
9 | the purpose of discussing business of the
homeowners | ||||||
10 | association or cooperative.
The provisions of this Section | ||||||
11 | shall apply to any homeowners association or residential | ||||||
12 | cooperative
containing 24 or more units
situated in the State | ||||||
13 | of Illinois regardless of where
it
such cooperative may be | ||||||
14 | incorporated.
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15 | (Source: P.A. 91-465, eff. 8-6-99; 92-638, eff. 1-1-03.)
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16 | Section 99. Effective date. This Act takes effect upon | ||||||
17 | becoming law. |