Section 325.210  Meetings

a)         Regular Meetings. Regular meetings of the Board shall be held quarterly in January, April, July and October of each year on a date agreed to by the Board.

b)         Special Meetings.  Special meetings of the Board may be called at any time by the Chairman of the Board, or by any 3 Trustees.

c)         Notice.  At least 10 days' notice, in writing, shall be given to each Trustee, of the date of any regular or special meeting.  Any business of whatever nature may be disposed of at a regular or special meeting.

d)         Quorum.  Three Trustees of the Board shall constitute a quorum for the transaction of business at any regular or special meeting.

e)         Annual Meeting.  The regular meeting in October in each year shall constitute the annual meeting of the Board.  At such meeting the election of officers of the Board for the ensuing fiscal year shall be held.

f)         Voting.  Each Trustee may cast one vote on any question coming before the Board at any regular or special meeting at which he is in attendance. At least 3 concurring votes shall be necessary for action by the Board at any of its meetings.  The State Treasurer or the Chief Justice of the Supreme Court, being ex officio trustees, may designate in writing filed with the Secretary at least 1 day before any meeting, a person who is authorized to represent him as a proxy at any meeting with full right to vote at said meeting on all matters that may come before the meeting; the said designation, at the election of the State Treasurer or the Chief Justice of the Supreme Court, may continue in effect until cancelled in writing filed with the Secretary.

g)         Record of Proceedings.  The Board shall keep a full record of all its proceedings in which shall be recorded all business of whatever nature transacted by the Board.  The Secretary shall supply to each Trustee, within 15 days of any regular or special meeting, a copy of the minutes of the meeting.

h)         Roll Calls.  On any motion or resolution involving the expenditures of moneys or the creation of a liability for the System, the vote of each Trustee present shall be recorded in the minutes of the meeting.  Such a record shall be made at the request of any Trustee present at the meeting on any other motion or resolution.

i)          Reconsideration.  Any Trustee who voted with the majority on any question acted upon by the Board may move for a reconsideration of the action taken on such vote.  Such motion for reconsideration may be made at any regular or special meeting at the request of the Trustee desiring such action.

j)          Order of Business.  The following order shall govern the business to be taken up at any regular or special meeting:

1)         Roll Call

2)         Report on Investments

3)         Minutes of Previous Meeting

4)         Reading of Communications

5)         Report of Chairman

6)         Report of Secretary

7)         Unfinished Business

8)         New Business

(Source:  Amended at 27 Ill. Reg. 9915, effective June 23, 2003.)