Illinois General Assembly - Full Text of Public Act 095-0052
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Public Act 095-0052


 

Public Act 0052 95TH GENERAL ASSEMBLY



 


 
Public Act 095-0052
 
HB0352 Enrolled LRB095 05308 MJR 25386 b

    AN ACT concerning regulation.
 
    Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
 
    Section 5. The Illinois Credit Union Act is amended by
changing Section 20 as follows:
 
    (205 ILCS 305/20)  (from Ch. 17, par. 4421)
    Sec. 20. Election or appointment of officials.
    (1) The credit union shall be directed by a Board of
Directors consisting of no less than 7 in number, to be elected
at the annual meeting by and from the members. Directors shall
hold office until the next annual meeting, unless their terms
are staggered. Upon amendment of its bylaws, a credit union may
divide the Directors into 2 or 3 classes with each class as
nearly equal in number as possible. The term of office of the
directors of the first class shall expire at the first annual
meeting after their election, that of the second class shall
expire at the second annual meeting after their election, and
that of the third class, if any, shall expire at the third
annual meeting after their election. At each annual meeting
after the classification, the number of directors equal to the
number of directors whose terms expire at the time of the
meeting shall be elected to hold office until the second
succeeding annual meeting if there are 2 classes or until the
third succeeding annual meeting if there are 3 classes. A
Director shall hold office for the term for which he or she is
elected and until his or her successor is elected and
qualified.
    (1.5) Except as provided in subsection (1.10), in In all
elections for Directors, every member has the right to vote, in
person or by proxy, the number of shares owned by him, or in
the case of a member other than a natural person, the member's
one vote, for as many persons as there are Directors to be
elected, or to cumulate such shares, and give one candidate as
many votes as the number of Directors multiplied by the number
of his shares equals, or to distribute them on the same
principle among as many candidates as he may desire and the
Directors shall not be elected in any other manner. Shares held
in a joint account owned by more than one member may be voted
by any one of the members, however, the number of cumulative
votes cast may not exceed a total equal to the number of shares
multiplied by the number of directors to be elected. A majority
of the shares entitled to vote shall be represented either in
person or by proxy for the election of Directors. Each Director
shall wholly take and subscribe to an oath that he will
diligently and honestly perform his duties in administering the
affairs of the credit union, that while he may delegate to
another the performance of those administrative duties he is
not thereby relieved from his responsibility for their
performance, that he will not knowingly violate or willingly
permit to be violated any law applicable to the credit union,
and that he is the owner of at least one share of the credit
union.
    (1.10) Upon amendment of a credit union's bylaws approved
by the members, in all elections for Directors, every member
who is a natural person shall have the right to cast one vote,
regardless of the number of his or her shares, in person or by
proxy, for as many persons as there are Directors to be
elected.
    (2) The Board of Directors shall appoint from among the
members of the credit union, a Supervisory Committee of not
less than 3 members at the organization meeting and within 30
days following each annual meeting of the members for such
terms as the bylaws provide. Members of the Supervisory
Committee may, but need not be, on the Board of Directors, but
shall not be officers of the credit union, members of the
Credit Committee, or the credit manager if no Credit Committee
has been appointed.
    (3) The Board of Directors may appoint, from among the
members of the credit union, a Credit Committee consisting of
an odd number, not less than 3 for such terms as the bylaws
provide. Members of the Credit Committee may, but need not be,
Directors or officers of the credit union, but shall not be
members of the Supervisory Committee.
    (4) The Board of Directors may appoint from among the
members of the credit union a Membership Committee of one or
more persons. If appointed, the Committee shall act upon all
applications for membership and submit a report of its actions
to the Board of Directors at the next regular meeting for
review. If no Membership Committee is appointed, credit union
management shall act upon all applications for membership and
submit a report of its actions to the Board of Directors at the
next regular meeting for review.
(Source: P.A. 91-929, eff. 12-15-00; 92-608, eff. 7-1-02.)

Effective Date: 1/1/2008