(805 ILCS 105/107.40) (from Ch. 32, par. 107.40)
Sec. 107.40. Voting. (a) The right of the members, or
any class or classes of members, to vote may be limited,
enlarged or denied to the extent specified in the articles
of incorporation or the bylaws. Unless so limited,
enlarged or denied, each member, regardless of class, shall
be entitled to one vote on each matter submitted to a vote
of members.
(b) The articles of incorporation or the bylaws may
provide that in all elections for directors every member
entitled to vote shall have the right to cumulate his or her vote
and to give one candidate a number of votes equal to his or her
vote multiplied by the number of directors to be elected, or
to distribute such votes on the same principle among as many
candidates as he or she shall think fit.
(c) If a corporation has no members or its members have no
right to vote with respect to a particular matter, the directors shall have the sole voting
power with respect to such matter.
(Source: P.A. 96-649, eff. 1-1-10.)
|