IL
Illinois House Bill HB2924

Illinois 2025-2026 Regular Session

Illinois House Bill HB2924 Compare Versions

OldNewDifferences
1-HB2924 EngrossedLRB104 11725 SPS 21814 b HB2924 Engrossed LRB104 11725 SPS 21814 b
2- HB2924 Engrossed LRB104 11725 SPS 21814 b
1+104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 HB2924 Introduced , by Rep. Bob Morgan SYNOPSIS AS INTRODUCED: 805 ILCS 5/7.40 from Ch. 32, par. 7.40 Amends the Business Corporation Act of 1983. Provides that the articles of incorporation of any corporation (currently, any corporation incorporated after December 31, 1981) may limit or eliminate cumulative voting rights in all or specified circumstances, or may limit or deny voting rights or may provide special voting rights as to any class or classes or series of shares of such corporation. LRB104 11725 SPS 21814 b A BILL FOR 104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 HB2924 Introduced , by Rep. Bob Morgan SYNOPSIS AS INTRODUCED: 805 ILCS 5/7.40 from Ch. 32, par. 7.40 805 ILCS 5/7.40 from Ch. 32, par. 7.40 Amends the Business Corporation Act of 1983. Provides that the articles of incorporation of any corporation (currently, any corporation incorporated after December 31, 1981) may limit or eliminate cumulative voting rights in all or specified circumstances, or may limit or deny voting rights or may provide special voting rights as to any class or classes or series of shares of such corporation. LRB104 11725 SPS 21814 b LRB104 11725 SPS 21814 b A BILL FOR
2+104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 HB2924 Introduced , by Rep. Bob Morgan SYNOPSIS AS INTRODUCED:
3+805 ILCS 5/7.40 from Ch. 32, par. 7.40 805 ILCS 5/7.40 from Ch. 32, par. 7.40
4+805 ILCS 5/7.40 from Ch. 32, par. 7.40
5+Amends the Business Corporation Act of 1983. Provides that the articles of incorporation of any corporation (currently, any corporation incorporated after December 31, 1981) may limit or eliminate cumulative voting rights in all or specified circumstances, or may limit or deny voting rights or may provide special voting rights as to any class or classes or series of shares of such corporation.
6+LRB104 11725 SPS 21814 b LRB104 11725 SPS 21814 b
7+ LRB104 11725 SPS 21814 b
8+A BILL FOR
9+HB2924LRB104 11725 SPS 21814 b HB2924 LRB104 11725 SPS 21814 b
10+ HB2924 LRB104 11725 SPS 21814 b
311 1 AN ACT concerning business.
412 2 Be it enacted by the People of the State of Illinois,
513 3 represented in the General Assembly:
614 4 Section 5. The Business Corporation Act of 1983 is amended
715 5 by changing Section 7.40 as follows:
816 6 (805 ILCS 5/7.40) (from Ch. 32, par. 7.40)
917 7 Sec. 7.40. Voting of shares.
1018 8 (a) Subject to subsections (b), (c), and (d) of this
1119 9 Section 7.40, each outstanding share, regardless of class,
1220 10 shall be entitled to one vote in each matter submitted to a
1321 11 vote at a meeting of shareholders, and except as specifically
1422 12 provided in Section 8.30, in all elections for directors,
1523 13 every shareholder shall have the right to vote the number of
1624 14 shares owned by such shareholder for as many persons as there
1725 15 are directors to be elected, or to cumulate such votes and give
1826 16 one candidate as many votes as shall equal the number of
1927 17 directors multiplied by the number of such shares or to
2028 18 distribute such cumulative votes in any proportion among any
2129 19 number of candidates. A shareholder may vote either in person
2230 20 or by proxy subject to the provisions of Section 7.50.
2331 21 (b) The articles of incorporation of any corporation
2432 22 incorporated after December 31, 1981, may limit or eliminate
2533 23 cumulative voting rights in all or specified circumstances, or
2634
2735
2836
29- HB2924 Engrossed LRB104 11725 SPS 21814 b
30-
31-
32-HB2924 Engrossed- 2 -LRB104 11725 SPS 21814 b HB2924 Engrossed - 2 - LRB104 11725 SPS 21814 b
33- HB2924 Engrossed - 2 - LRB104 11725 SPS 21814 b
34-1 may limit or deny voting rights or may provide special voting
35-2 rights as to any class or classes or series of shares of such
36-3 corporation.
37-4 (c) A corporation, whenever incorporated, may amend its
38-5 articles of incorporation to limit or eliminate cumulative
39-6 voting rights in all or specified circumstances, or to limit
40-7 or deny voting rights or to provide special voting rights as to
41-8 any class or classes or series of shares of such corporation.
42-9 (d) If the articles of incorporation provide for more or
43-10 less than one vote for any share on any matter, every reference
44-11 in this Act to a majority or other proportion greater than a
45-12 majority of shares shall refer to that majority or other
46-13 proportion greater than a majority of the votes of the shares.
47-14 (Source: P.A. 89-48, eff. 6-23-95.)
37+104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 HB2924 Introduced , by Rep. Bob Morgan SYNOPSIS AS INTRODUCED:
38+805 ILCS 5/7.40 from Ch. 32, par. 7.40 805 ILCS 5/7.40 from Ch. 32, par. 7.40
39+805 ILCS 5/7.40 from Ch. 32, par. 7.40
40+Amends the Business Corporation Act of 1983. Provides that the articles of incorporation of any corporation (currently, any corporation incorporated after December 31, 1981) may limit or eliminate cumulative voting rights in all or specified circumstances, or may limit or deny voting rights or may provide special voting rights as to any class or classes or series of shares of such corporation.
41+LRB104 11725 SPS 21814 b LRB104 11725 SPS 21814 b
42+ LRB104 11725 SPS 21814 b
43+A BILL FOR
4844
4945
5046
5147
5248
53- HB2924 Engrossed - 2 - LRB104 11725 SPS 21814 b
49+805 ILCS 5/7.40 from Ch. 32, par. 7.40
50+
51+
52+
53+ LRB104 11725 SPS 21814 b
54+
55+
56+
57+
58+
59+
60+
61+
62+
63+ HB2924 LRB104 11725 SPS 21814 b
64+
65+
66+HB2924- 2 -LRB104 11725 SPS 21814 b HB2924 - 2 - LRB104 11725 SPS 21814 b
67+ HB2924 - 2 - LRB104 11725 SPS 21814 b
68+
69+
70+
71+
72+
73+ HB2924 - 2 - LRB104 11725 SPS 21814 b