Bill Status of SB 116   102nd General Assembly

Short Description:  BUS CORP-SHAREHOLDERS MEETINGS

Senate Sponsors
Sen. Julie A. Morrison

House Sponsors
(Rep. Bob Morgan-Debbie Meyers-Martin-Carol Ammons, Daniel Didech, Jonathan Carroll, Suzanne Ness and Camille Y. Lilly)


Last Action  View All Actions

DateChamber Action
  8/6/2021SenatePublic Act . . . . . . . . . 102-0282

Statutes Amended In Order of Appearance
805 ILCS 5/7.05from Ch. 32, par. 7.05
805 ILCS 5/7.15from Ch. 32, par. 7.15
805 ILCS 5/7.30from Ch. 32, par. 7.30

Synopsis As Introduced
Amends the Business Corporation Act of 1983. Provides that if the board of directors is authorized to determine the place of a meeting of shareholders, the board of directors may determine that the meeting shall not be held at any place, but may instead be held solely by means of remote communication. Provides that a corporation may allow shareholders to participate in and act at any meeting of the shareholders through the use of remote connection; however, the corporation shall implement reasonable measures to provide the shareholders a reasonable opportunity to participate in the meeting and to vote on matters submitted to the shareholders. Provides that the corporation may implement reasonable measures to verify that each person deemed present and entitled to vote at the meeting by means of remote communication is a shareholder. Makes corresponding changes. Effective immediately.

House Committee Amendment No. 1
Adds reference to:
805 ILCS 5/11.39
805 ILCS 5/14.13 new
805 ILCS 5/15.10from Ch. 32, par. 15.10
805 ILCS 5/15.35from Ch. 32, par. 15.35
805 ILCS 5/15.97from Ch. 32, par. 15.97
805 ILCS 40/1.10
805 ILCS 40/2.01
805 ILCS 180/35-22 new
805 ILCS 180/45-70 new
805 ILCS 215/1308

Replaces everything after the enacting clause. Amends the Business Corporation Act of 1983. Authorizes shareholder meetings to be held by means of remote communication. Provides for the combination of corporations and limited liability entities rather than limited liability companies and partnerships. Provides for reports of interim changes of corporations. Accelerates the repeal of provisions relating to franchise taxes from 2025 to 2024. Delays repeal of the corporate franchise tax refund fund from 2022 to 2024. Amends the Benefit Corporation Act to provide that a benefit corporation may be organized under the laws of another state. Amends the Limited Liability Company Act. Provides that a limited liability company may revoke its termination within 90 days after the effective date of the termination, or longer if the limited liability company pays a penalty, if it has not begun to distribute its assets. Requires the limited liability company to file articles of revocation of termination. Sets forth the contents of the articles of termination. Provides that after filing the articles of revocation, the limited liability company may resume business as if the termination had never occurred. Provides that a limited liability company may be reinstated following its termination. Requires the filing of an application for reinstatement, the payment of fees, and the filing of reports. Provides that upon reinstatement the existence of the limited liability company shall be deemed to have continued without interruption. Amends the Uniform Limited Partnership Act to provide that a request submitted by electronics means may not be considered a request for expedited service.

Actions 
DateChamber Action
  2/3/2021SenateFiled with Secretary by Sen. Julie A. Morrison
  2/3/2021SenateFirst Reading
  2/3/2021SenateReferred to Assignments
  2/9/2021SenateAssigned to Judiciary
  3/3/2021SenateDo Pass Judiciary; 008-000-000
  3/3/2021SenatePlaced on Calendar Order of 2nd Reading March 9, 2021
  3/9/2021SenateSecond Reading
  3/9/2021SenatePlaced on Calendar Order of 3rd Reading March 10, 2021
  3/10/2021SenateThird Reading - Passed; 056-001-000
  3/11/2021HouseArrived in House
  4/8/2021HouseChief House Sponsor Rep. Bob Morgan
  4/13/2021HouseFirst Reading
  4/13/2021HouseReferred to Rules Committee
  4/15/2021HouseAdded Alternate Chief Co-Sponsor Rep. Debbie Meyers-Martin
  4/28/2021HouseAdded Alternate Chief Co-Sponsor Rep. Carol Ammons
  4/28/2021HouseAssigned to Judiciary - Civil Committee
  4/28/2021HouseAdded Alternate Co-Sponsor Rep. Daniel Didech
  4/30/2021HouseHouse Committee Amendment No. 1 Filed with Clerk by Rep. Bob Morgan
  4/30/2021HouseHouse Committee Amendment No. 1 Referred to Rules Committee
  5/4/2021HouseHouse Committee Amendment No. 1 Rules Refers to Judiciary - Civil Committee
  5/5/2021HouseAdded Alternate Co-Sponsor Rep. Jonathan Carroll
  5/5/2021HouseHouse Committee Amendment No. 1 Adopted in Judiciary - Civil Committee; by Voice Vote
  5/5/2021HouseDo Pass as Amended / Short Debate Judiciary - Civil Committee; 009-003-000
  5/5/2021HousePlaced on Calendar 2nd Reading - Short Debate
  5/13/2021HouseSecond Reading - Short Debate
  5/13/2021HousePlaced on Calendar Order of 3rd Reading - Short Debate
  5/19/2021HouseThird Reading - Short Debate - Passed 100-015-001
  5/19/2021HouseAdded Alternate Co-Sponsor Rep. Suzanne Ness
  5/19/2021HouseAdded Alternate Co-Sponsor Rep. Camille Y. Lilly
  5/19/2021SenateSecretary's Desk - Concurrence House Amendment(s) 1
  5/19/2021SenatePlaced on Calendar Order of Concurrence House Amendment(s) 1 - May 20, 2021
  5/25/2021SenateHouse Committee Amendment No. 1 Motion to Concur Filed with Secretary Sen. Julie A. Morrison
  5/25/2021SenateHouse Committee Amendment No. 1 Motion to Concur Referred to Assignments
  5/25/2021SenateHouse Committee Amendment No. 1 Motion to Concur Assignments Referred to Judiciary
  5/29/2021SenateHouse Committee Amendment No. 1 Motion To Concur Recommended Do Adopt Judiciary; 007-000-000
  5/30/2021SenateHouse Committee Amendment No. 1 Senate Concurs 059-000-000
  5/30/2021SenateSenate Concurs
  5/30/2021SenatePassed Both Houses
  6/28/2021SenateSent to the Governor
  8/6/2021SenateGovernor Approved
  8/6/2021SenateEffective Date January 1, 2022
  8/6/2021SenatePublic Act . . . . . . . . . 102-0282

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