IL SB1466

Removes the requirement that corporations must have been incorporated after December 31, 1981 to limit or eliminate cumulative voting rights in their articles of incorporation

Allows corporations incorporated on or before December 31, 1981 to now include provisions in their articles of incorporation that limit or eliminate cumulative voting rights

Clarifies that corporations "whenever incorporated" may amend their articles of incorporation to limit or eliminate cumulative voting rights or modify voting rights for any class or series of shares

Amends Section 7.40 of the Business Corporation Act of 1983 regarding voting of shares