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92_SB1540eng SB1540 Engrossed LRB9210697DHgc 1 AN ACT in relation to corporations. 2 Be it enacted by the People of the State of Illinois, 3 represented in the General Assembly: 4 Section 5. The Business Corporation Act of 1983 is 5 amended by changing Section 2.35 as follows: 6 (805 ILCS 5/2.35) (from Ch. 32, par. 2.35) 7 Sec. 2.35. Meetings of the board of directors of a 8 residential cooperative corporation containing 24 or more 9 unitsand located in a city containing more than 1,000,00010inhabitantsshall be open to any residential shareholder, 11 except for the portion of any meeting held (i) to discuss 12 litigation when an action against or on behalf of the 13 corporation has been filed and is pending in a court or 14 administrative tribunal, or when the board of directors finds 15 that such an action is probable or imminent, (ii) to consider 16 information regarding appointment, employment or dismissal of 17 an employee, or (iii) to discuss violations of rules and 18 regulations of the corporation by a residential shareholder. 19 Any residential shareholder may record by tape, film or other 20 means the proceedings at such meetings or portions thereof 21 required to be open by this Section. The board may prescribe 22 reasonable rules and regulations to govern the right to make 23 such recordings. Notice of such meetings shall be mailed or 24 delivered at least 48 hours prior thereto, unless a written 25 waiver of such notice is signed by the person or persons 26 entitled to such notice pursuant to the articles of 27 incorporation, bylaws, or other instrument before the meeting 28 is convened. Copies of notices of meetings of the board of 29 directors shall be posted in entranceways, elevators, or 30 other conspicuous places in the residential cooperative at 31 least 48 hours prior to the meeting of the board of SB1540 Engrossed -2- LRB9210697DHgc 1 directors. If there is no common entranceway for 7 or more 2 apartments, the board of directors may designate one or more 3 locations in the proximity of such units where the notices of 4 meetings shall be posted. For purposes of this Section, 5 "meeting of the board of directors" means any gathering of a 6 quorum of the members of the board of directors of the 7 residential cooperative held for the purpose of discussing 8 business of the cooperative. The provisions of this Section 9 shall apply to any residential cooperative containing 24 or 10 more unitsand located in a city containing more than111,000,000 inhabitantssituated in the State of Illinois 12 regardless of where such cooperative may be incorporated. 13 (Source: P.A. 85-1269.) 14 Section 10. The General Not For Profit Corporation Act 15 of 1986 is amended by changing Section 108.21 as follows: 16 (805 ILCS 105/108.21) (from Ch. 32, par. 108.21) 17 Sec. 108.21. Meetings of the board of directors of a 18 residential cooperative not-for-profit corporation containing 19 24 or more unitsand located in a city containing more than201,000,000 inhabitants or containing 50 or more single family21units with individual unit legal descriptions based upon a22recorded plat of a subdivision and located in a county with a23population between 780,000 and 3,000,000 inhabitantsshall be 24 open to any member, except for the portion of any meeting 25 held (i) to discuss litigation when an action against or on 26 behalf of the corporation has been filed and is pending in a 27 court or administrative tribunal, or when the board of 28 directors finds that such an action is probable or imminent, 29 (ii) to consider information regarding appointment, 30 employment or dismissal of an employee, or (iii) to discuss 31 violations of rules and regulations of the corporation by a 32 residential shareholder. Any member may record by tape, film SB1540 Engrossed -3- LRB9210697DHgc 1 or other means the proceedings at such meetings or portions 2 thereof required to be open by this Section. The board may 3 prescribe reasonable rules and regulations to govern the 4 right to make such recordings. Notice of such meetings shall 5 be mailed or delivered at least 48 hours prior thereto, 6 unless a written waiver of such notice is signed by the 7 person or persons entitled to such notice pursuant to the 8 articles of incorporation, bylaws, other instrument before 9 the meeting is convened. Copies of notices of meetings of the 10 board of directors shall be posted in entranceways, 11 elevators, or other conspicuous places in the residential 12 cooperative at least 48 hours prior to the meeting of the 13 board of directors. If there is no common entranceway for 7 14 or more apartments, the board of directors may designate one 15 or more locations in the proximity of such units where the 16 notices of meetings shall be posted. For purposes of this 17 Section, "meeting of the board of directors" means any 18 gathering of a quorum of the members of the board of 19 directors of the residential cooperative held for the purpose 20 of discussing business of the cooperative. The provisions of 21 this Section shall apply to any residential cooperative 22 containing 24 or more unitsand located in a city containing23more than 1,000,000 inhabitants or containing 50 or more24single family units and located in a county with a population25between 780,000 and 3,000,000 inhabitantssituated in the 26 State of Illinois regardless of where such cooperative may be 27 incorporated. 28 (Source: P.A. 91-465, eff. 8-6-99.)