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IL HB2924

Bill

Official Source

Status

Introduced

2/5/2025

Primary Sponsor

Bob Morgan

Click for details

Origin

House of Representatives

104th General Assembly

AI Summary

  • Removes the restriction that only corporations incorporated after December 31, 1981 could limit or eliminate cumulative voting rights in their articles of incorporation
  • Allows all Illinois corporations, regardless of incorporation date, to include provisions in their articles of incorporation that limit or eliminate cumulative voting rights
  • Permits any corporation, "whenever incorporated," to amend its articles of incorporation to limit or eliminate cumulative voting rights or modify voting rights for different share classes
  • Amends Section 7.40 of the Business Corporation Act of 1983 concerning the voting of shares

Legislative Description

CORPORATION-INCORPORATION DATE

Last Action

Rule 19(a) / Re-referred to Rules Committee

4/11/2025

Committee Referrals

Rules4/11/2025
Judiciary - Civil3/4/2025
Rules2/6/2025

Full Bill Text

No bill text available