DILLARD. (CROSS-DART) New Act Creates the Choice of Law and Forum Act. Provides that the parties to a contract relating to an obligation arising out of a transaction covering not less than $250,000 may agree that the law of this State shall govern their rights or duties regardless of whether the contract bears a reasonable relation to this State, and provides that a person may maintain an action in this State if those conditions have been met; sets forth exceptions. Effective January 1, 1998. SENATE AMENDMENT NO. 3. Deletes reference to: New Act Adds reference to: 805 ILCS 5/1.80 from Ch. 32, par. 1.80 805 ILCS 5/9.20 new 805 ILCS 5/13.75 new 805 ILCS 5/14.30 from Ch. 32, par. 14.30 805 ILCS 5/15.90 from Ch. 32, par. 15.90 805 ILCS 405/4 from Ch. 96, par. 7 Deletes everything. Amends the Business Corporation Act of 1983. Provides for a corporation's reduction of its paid-in capital. Sets forth activities of a foreign corporation that are not considered to constitute transacting business in Illinois for purposes of the Act. Makes changes concerning the limitations period on a corporation's obligation to pay taxes, fees, penalties, or interest, and makes other changes. Amends the Assumed Business Name Act. Provides that the Act does not apply to a limited liability company, limited partnership, or limited liability partnership. Effective January 1, 1998. HOUSE AMENDMENT NO. 1. Adds reference to: 805 ILCS 5/8.60 from Ch. 32, par. 8.60 Further amends the Business Corporation Act. Provides that if a transaction is fair to a corporation at the time it is authorized, the fact that a director of the corporation is a party to the transaction is not grounds for invalidating the director's vote. Deletes provision that the director may be counted in determining whether a quorum is present but may not be counted when the directors take action on the transaction. HOUSE AMENDMENT NO. 2. Adds reference to: New Act Creates the Choice of Law and Forum Act. Provides that the parties to a contract relating to an obligation arising out of a transaction covering not less than $250,000 may agree that the law of this State shall govern their rights or duties regardless of whether the contract bears a reasonable relation to this State. Provides that a person may maintain an action in this State if the parties have agreed that Illinois law shall govern their rights and duties, the action relates to an obligation arising out of a transaction covering not less than $500,000, and the foreign corporation or non-resident agrees to submit to the jurisdiction of Illinois courts. STATE MANDATES FISCAL NOTE, H-AMS 1 & 2 (DCCA) This legislation fails to create a State mandate. 97-02-07 S FIRST READING 97-02-07 S REFERRED TO SENATE RULES COMMITTEE RULES 97-02-19 S ASSIGNED TO COMMITTEE JUDICIARY 97-03-12 S AMENDMENT NO. 01-JUDICIARY S 97-03-12 S TABLED 97-03-12 S DO PASS 010-000-000 SJUD 97-03-12 S PLACED ON CALENDAR ORDER OF 2ND READING 97-03-13 97-03-13 S FILED WITH SECRETARY 97-03-13 S AMENDMENT NO. 02-DILLARD 97-03-13 S AMENDMENT REFERRED TO SRUL 97-03-14 S AMENDMENT NO. 02-DILLARD 97-03-14 S RULES REFERS TO SJUD 97-03-18 S FILED WITH SECRETARY 97-03-18 S AMENDMENT NO. 03-DILLARD 97-03-18 S AMENDMENT REFERRED TO SRUL 97-03-18 S AMENDMENT NO. 02-DILLARD 97-03-18 S POSTPONED SJUD 97-03-18 S AMENDMENT NO. 03-DILLARD 97-03-18 S BE APPROVED FOR CONSIDERATION SRUL 97-03-19 S SECOND READING 97-03-19 S AMENDMENT NO. 03-DILLARD 97-03-19 S ADOPTED 97-03-19 S PLACED ON CALENDAR ORDER OF 3RD READING 97-03-20 97-03-20 S THIRD READING - PASSED 055-000-000 97-03-20 S TABLED PURSUANT TO RULE 5-4(A) SA 02 97-03-20 S THIRD READING - PASSED 055-000-000 97-03-21 H ARRIVE IN HOUSE 97-03-21 H HOUSE SPONSOR CROSS 97-03-21 H FIRST READING 97-03-21 H REFERRED TO HOUSE RULES COMMITTEE RULES 97-04-08 H ASSIGNED TO COMMITTEE JUD-CIVIL LAW 97-04-29 H ADDED AS A JOINT SPONSOR DART 97-04-30 H AMENDMENT NO. 01-JUD-CIVIL LAW H 97-04-30 H ADOPTED 97-04-30 H AMENDMENT NO. 02-JUD-CIVIL LAW H 97-04-30 H ADOPTED 97-04-30 H DO PASS AMENDED/SHORT DEBATE 010-000-000 HJUA 97-04-30 H PLACED CALENDAR 2ND READING-SHORT DEBATE 97-05-01 H SECOND READING-SHORT DEBATE 97-05-01 H PLCD CAL ORDER 3RD READING-SHORT DEBATE 97-05-08 S STATE MANDATES FISCAL NOTE FILED AS AMENDED HA 01 97-05-08 S & 02 97-05-08 H THIRD READING/SHORT DEBATE/PASSED 115-001-001 97-05-09 S SECRETARYS DESK - CONCURRENCE 01,02 97-05-15 S FILED WITH SECRETARY 97-05-15 S MOTION TO CONCUR - HOUSE AMENDMENT NO 01,02/DILLARD 97-05-15 S MOTION REFERRED TO SRUL 97-05-19 S MOTION TO CONCUR - HOUSE AMENDMENT NO 01,02/DILLARD 97-05-19 S RULES REFERS TO SJUD 97-05-20 S MOTION TO CONCUR - HOUSE AMENDMENT NO 01/DILLARD 97-05-20 S BE APPROVED FOR CONSIDERATION SJUD/008-000-000 97-05-20 S MOTION TO CONCUR - HOUSE AMENDMENT NO 02/DILLARD 97-05-20 S BE APPROVED FOR CONSIDERATION SJUD/006-001-001 97-05-20 S MOTION TO CONCUR - HOUSE AMENDMENT NO 01,02/DILLARD 97-05-20 S SEN CONCURS IN HSE AMENDMENTS (NO.) 01,02/057-001-000 97-05-20 S PASSED BOTH HOUSES 97-06-18 S SENT TO THE GOVERNOR 97-08-15 S GOVERNOR APPROVED 97-08-15 S EFFECTIVE DATE 98-01-01 97-08-15 S PUBLIC ACT.............................. 90-0421 END OF INQUIRY Full Text Bill Summary