92nd General Assembly
Summary of SB0725
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Senate Sponsors:
CLAYBORNE-OBAMA.

House Sponsors:
DART

Short description: 
SOS-BUSINESS ORGANIZATIONS                                                 

Synopsis of Bill as introduced:
        Amends the Business Corporation Act of 1983, the General Not  For      
   Profit Corporation Act of 1986, the Limited Liability Company Act, the      
   Uniform Partnership Act, the Revised Uniform Limited Partnership Act,       
   and the Uniform Commercial Code. Makes numerous changes, including          
   changes with respect to signatures on corporate documents, registered       
   agents, corporate and assumed names, indemnification, mergers,              
   certificates, processing of documents, fees, partnership withdrawal,        
   and financing statements. Makes other changes. Effective July 1, 2001.      
        SENATE AMENDMENT NO. 1.                                                
          Deletes reference to:                                                
          805 ILCS 210/603                                                     
          810 ILCS 5/9-516                                                     
          810 ILCS 5/9-520                                                     
          Adds reference to:                                                   
          810 ILCS 5/9-528 new                                                 
        In the provisions amending the Business Corporation Act of  1983,      
   makes  changes  concerning:  applicability  of  specified  provisions;      
   withdrawal  of  a  foreign  corporation; procedure for revocation of a      
   certificate of authority of a  foreign  corporation;  and  the  annual      
   report  of  a  domestic  or  foreign  corporation.  In  the provisions      
   amending the General Not For Profit Corporation  Act  of  1986,  makes      
   changes concerning: articles of incorporation; the corporate name of a      
   domestic   or   foreign   corporation;   applicability   of  specified      
   provisions;  and  the  annual  report  of  a   domestic   or   foreign      
   corporation.  In the provisions amending the Limited Liability Company      
   Act, makes changes concerning the name of a limited liability company.      
   In the provisions amending the  Revised  Uniform  Limited  Partnership      
   Act,  deletes provisions making changes concerning the withdrawal of a      
   limited partner.  In the provisions amending the Secured  Transactions      
   Article  of  the  Uniform  Commercial  Code,  deletes  language making      
   changes regarding filing and acceptance of a  record  and  refusal  to      
   accept  a  record,  and  adds provisions concerning the liability of a      
   filing officer.  Makes other changes.                                       
        HOUSE AMENDMENT NO. 1.                                                 
        In amendatory changes  to  the  Limited  Liability  Company  Act,      
   provides  that  a  member  of  a manager-managed company (instead of a      
   member-managed company) may not dissociate from the company before its      
   dissolution and winding up unless  the  operating  agreement  provides      
   otherwise.  Makes grammatical changes.                                      
        HOUSE AMENDMENT NO. 2.                                                 
        Provides that the corporate name of a not-for-profit  corporation      
   must  end with the letters "NFP" if the corporate name contains a word      
   or phrase that indicates or implies that the corporation is  organized      
   for   a   purpose  other  than  a  purpose  for  which  not-for-profit      
   corporations may be organized or a purpose other than those set  forth      
   in the corporation's articles of incorporation.                             
 
Last action on Bill: PUBLIC ACT.............................. 92-0033

   Last action date: JUN-28-2001

           Location: Senate

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   2     SENATE -   1


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