Bill Status of SB 533   94th General Assembly

Short Description:  BUS CORP-SHAREHOLDER WAIVER

Senate Sponsors
Sen. Ira I. Silverstein

House Sponsors
(Rep. William Davis)


Last Action  View All Actions

DateChamber Action
  8/1/2005SenatePublic Act . . . . . . . . . 94-0394

Statutes Amended In Order of Appearance
805 ILCS 5/7.90 new
805 ILCS 5/12.56

Synopsis As Introduced
Amends the Business Corporation Act of 1983. Provides that unless otherwise provided in the articles of incorporation, a shareholder who executes and delivers to the corporation a written instrument irrevocably waiving the right (i) to vote any shares held by such shareholder, whether for the election of directors or otherwise, (ii) to be a director or officer of the corporation, and (iii) in any other manner to control, directly or indirectly, corporate actions or the election or removal of any director or officer of the corporation, and who at the time of such waiver is not a director or officer of the corporation, shall have no fiduciary duty to the corporation or any of its shareholders arising out of the fact that such person is a shareholder of the corporation. Provides that the corporation shall give prompt notice of such waiver to the remaining shareholders, except that no such notice need be given by a corporation that has shares listed on a national securities exchange or regularly traded in a market maintained by one or more members of a national or affiliated securities association. Effective July 1, 2005.

Actions 
DateChamber Action
  2/17/2005SenateFiled with Secretary by Sen. Ira I. Silverstein
  2/17/2005SenateFirst Reading
  2/17/2005SenateReferred to Rules
  2/23/2005SenateAssigned to Judiciary
  3/2/2005SenateDo Pass Judiciary; 010-000-000
  3/2/2005SenatePlaced on Calendar Order of 2nd Reading March 3, 2005
  3/15/2005SenateSecond Reading
  3/15/2005SenatePlaced on Calendar Order of 3rd Reading March 16, 2005
  4/7/2005SenateThird Reading - Passed; 056-000-000
  4/7/2005HouseArrived in House
  4/7/2005HousePlaced on Calendar Order of First Reading
  4/8/2005HouseChief House Sponsor Rep. William Davis
  4/8/2005HouseFirst Reading
  4/8/2005HouseReferred to Rules Committee
  4/20/2005HouseAssigned to Judiciary I - Civil Law Committee
  4/27/2005HouseDo Pass / Short Debate Judiciary I - Civil Law Committee; 008-000-001
  4/28/2005HousePlaced on Calendar 2nd Reading - Short Debate
  5/3/2005HouseSecond Reading - Short Debate
  5/3/2005HousePlaced on Calendar Order of 3rd Reading - Short Debate
  5/5/2005HouseThird Reading - Short Debate - Passed 115-000-000
  5/5/2005SenatePassed Both Houses
  6/3/2005SenateSent to the Governor
  8/1/2005SenateGovernor Approved
  8/1/2005SenateEffective Date August 1, 2005
  8/1/2005SenatePublic Act . . . . . . . . . 94-0394

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