Public Act 094-0655
 
SB1251 Enrolled LRB094 04900 RXD 34929 b

    AN ACT concerning business.
 
    Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
 
    Section 5. The Business Corporation Act of 1983 is amended
by changing Section 7.05 as follows:
 
    (805 ILCS 5/7.05)  (from Ch. 32, par. 7.05)
    Sec. 7.05. Meetings of shareholders. Meetings of
shareholders may be held either within or without this State,
as may be provided in the by-laws or in a resolution of the
board of directors pursuant to authority granted in the
by-laws. In the absence of any such provision, all meetings
shall be held at the registered office of the corporation in
this State.
    An annual meeting of the shareholders shall be held at such
time as may be provided in the by-laws or in a resolution of
the board of directors pursuant to authority granted in the
by-laws. Failure to hold the annual meeting at the designated
time shall not work a forfeiture or dissolution of the
corporation nor affect the validity of corporate action. If an
annual meeting has not been held within the earlier of six
months after the end of the corporation's fiscal year or
fifteen months after its last annual meeting and if, after a
request in writing directed to the president of the
corporation, a notice of meeting is not given within 60 days of
such request, then any shareholder entitled to vote at an
annual meeting may apply to the circuit court of the county in
which the registered office or principal place of business of
the corporation is located for an order directing that the
meeting be held and fixing the time and place of the meeting.
The court may issue such additional orders as may be necessary
or appropriate for the holding of the meeting.
    Unless specifically prohibited by the articles of
incorporation or by-laws, a corporation may allow shareholders
to participate in and act at any meeting of the shareholders
through the use of a conference telephone or interactive
technology, including but not limited to electronic
transmission, Internet usage, or remote communication, by
means of which all persons participating in the meeting can
communicate with each other. A shareholder entitled to vote at
a meeting of the shareholders shall be permitted to attend the
meeting where space permits, and subject to the corporation's
by-laws and rules governing the conduct of the meeting and the
power of the chairman to regulate the orderly conduct of the
meeting. Participation in such meeting shall constitute
attendance and presence in person at the meeting of the person
or persons so participating.
    Special meetings of the shareholders may be called by the
president, by the board of directors, by the holders of not
less than one-fifth of all the outstanding shares entitled to
vote on the matter for which the meeting is called or by such
other officers or persons as may be provided in the articles of
incorporation or the by-laws.
(Source: P.A. 92-771, eff. 8-6-02.)