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SB1466 - 104th General Assembly
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| 1 | AN ACT concerning business. | ||||||
| 2 | Be it enacted by the People of the State of Illinois, | ||||||
| 3 | represented in the General Assembly: | ||||||
| 4 | Section 5. The Business Corporation Act of 1983 is amended | ||||||
| 5 | by changing Section 7.40 as follows: | ||||||
| 6 | (805 ILCS 5/7.40) (from Ch. 32, par. 7.40) | ||||||
| 7 | Sec. 7.40. Voting of shares. | ||||||
| 8 | (a) Subject to subsections (b), (c), and (d) of this | ||||||
| 9 | Section 7.40, each outstanding share, regardless of class, | ||||||
| 10 | shall be entitled to one vote in each matter submitted to a | ||||||
| 11 | vote at a meeting of shareholders, and except as specifically | ||||||
| 12 | provided in Section 8.30, in all elections for directors, | ||||||
| 13 | every shareholder shall have the right to vote the number of | ||||||
| 14 | shares owned by such shareholder for as many persons as there | ||||||
| 15 | are directors to be elected, or to cumulate such votes and give | ||||||
| 16 | one candidate as many votes as shall equal the number of | ||||||
| 17 | directors multiplied by the number of such shares or to | ||||||
| 18 | distribute such cumulative votes in any proportion among any | ||||||
| 19 | number of candidates. A shareholder may vote either in person | ||||||
| 20 | or by proxy subject to the provisions of Section 7.50. | ||||||
| 21 | (b) The articles of incorporation of any corporation | ||||||
| 22 | incorporated after December 31, 1981, may limit or eliminate | ||||||
| 23 | cumulative voting rights in all or specified circumstances, or | ||||||
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| 1 | may limit or deny voting rights or may provide special voting | ||||||
| 2 | rights as to any class or classes or series of shares of such | ||||||
| 3 | corporation. | ||||||
| 4 | (c) A corporation, whenever incorporated, may amend its | ||||||
| 5 | articles of incorporation to limit or eliminate cumulative | ||||||
| 6 | voting rights in all or specified circumstances, or to limit | ||||||
| 7 | or deny voting rights or to provide special voting rights as to | ||||||
| 8 | any class or classes or series of shares of such corporation. | ||||||
| 9 | (d) If the articles of incorporation provide for more or | ||||||
| 10 | less than one vote for any share on any matter, every reference | ||||||
| 11 | in this Act to a majority or other proportion greater than a | ||||||
| 12 | majority of shares shall refer to that majority or other | ||||||
| 13 | proportion greater than a majority of the votes of the shares. | ||||||
| 14 | (Source: P.A. 89-48, eff. 6-23-95.) | ||||||