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Public Act 92-0638
SB1540 Enrolled LRB9210697DHgc
AN ACT in relation to corporations.
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 2.35 as follows:
(805 ILCS 5/2.35) (from Ch. 32, par. 2.35)
Sec. 2.35. Meetings of the board of directors of a
residential cooperative corporation containing 24 or more
units and located in a city containing more than 1,000,000
inhabitants shall be open to any residential shareholder,
except for the portion of any meeting held (i) to discuss
litigation when an action against or on behalf of the
corporation has been filed and is pending in a court or
administrative tribunal, or when the board of directors finds
that such an action is probable or imminent, (ii) to consider
information regarding appointment, employment or dismissal of
an employee, or (iii) to discuss violations of rules and
regulations of the corporation by a residential shareholder.
Any residential shareholder may record by tape, film or other
means the proceedings at such meetings or portions thereof
required to be open by this Section. The board may prescribe
reasonable rules and regulations to govern the right to make
such recordings. Notice of such meetings shall be mailed or
delivered at least 48 hours prior thereto, unless a written
waiver of such notice is signed by the person or persons
entitled to such notice pursuant to the articles of
incorporation, bylaws, or other instrument before the meeting
is convened. Copies of notices of meetings of the board of
directors shall be posted in entranceways, elevators, or
other conspicuous places in the residential cooperative at
least 48 hours prior to the meeting of the board of
directors. If there is no common entranceway for 7 or more
apartments, the board of directors may designate one or more
locations in the proximity of such units where the notices of
meetings shall be posted. For purposes of this Section,
"meeting of the board of directors" means any gathering of a
quorum of the members of the board of directors of the
residential cooperative held for the purpose of discussing
business of the cooperative. The provisions of this Section
shall apply to any residential cooperative containing 24 or
more units and located in a city containing more than
1,000,000 inhabitants situated in the State of Illinois
regardless of where such cooperative may be incorporated.
(Source: P.A. 85-1269.)
Section 10. The General Not For Profit Corporation Act
of 1986 is amended by changing Section 108.21 as follows:
(805 ILCS 105/108.21) (from Ch. 32, par. 108.21)
Sec. 108.21. Meetings of the board of directors of a
residential cooperative not-for-profit corporation containing
24 or more units and located in a city containing more than
1,000,000 inhabitants or containing 50 or more single family
units with individual unit legal descriptions based upon a
recorded plat of a subdivision and located in a county with a
population between 780,000 and 3,000,000 inhabitants shall be
open to any member, except for the portion of any meeting
held (i) to discuss litigation when an action against or on
behalf of the corporation has been filed and is pending in a
court or administrative tribunal, or when the board of
directors finds that such an action is probable or imminent,
(ii) to consider information regarding appointment,
employment or dismissal of an employee, or (iii) to discuss
violations of rules and regulations of the corporation by a
residential shareholder. Any member may record by tape, film
or other means the proceedings at such meetings or portions
thereof required to be open by this Section. The board may
prescribe reasonable rules and regulations to govern the
right to make such recordings. Notice of such meetings shall
be mailed or delivered at least 48 hours prior thereto,
unless a written waiver of such notice is signed by the
person or persons entitled to such notice pursuant to the
articles of incorporation, bylaws, other instrument before
the meeting is convened. Copies of notices of meetings of the
board of directors shall be posted in entranceways,
elevators, or other conspicuous places in the residential
cooperative at least 48 hours prior to the meeting of the
board of directors. If there is no common entranceway for 7
or more apartments, the board of directors may designate one
or more locations in the proximity of such units where the
notices of meetings shall be posted. For purposes of this
Section, "meeting of the board of directors" means any
gathering of a quorum of the members of the board of
directors of the residential cooperative held for the purpose
of discussing business of the cooperative. The provisions of
this Section shall apply to any residential cooperative
containing 24 or more units and located in a city containing
more than 1,000,000 inhabitants or containing 50 or more
single family units and located in a county with a population
between 780,000 and 3,000,000 inhabitants situated in the
State of Illinois regardless of where such cooperative may be
incorporated.
(Source: P.A. 91-465, eff. 8-6-99.)
Passed in the General Assembly May 07, 2002.
Approved July 11, 2002.
Effective January 01, 2003.
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