Illinois HB 2924: CORPORATION-INCORPORATION DATE

Status: Rule 19(a) / Re-referred to Rules Committee (as of 2025-04-11)

State: Illinois · Session: 104th · Bill: HB 2924

Sponsors: Bob Morgan, Curtis J. Tarver, II, Jennifer Gong-Gershowitz

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 Full Text of HB2924

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HB2924 EngrossedLRB104 11725 SPS 21814 b

1 AN ACT concerning business.

2 Be it enacted by the People of the State of Illinois, 

3represented in the General Assembly:

4 Section 5. The Business Corporation Act of 1983 is amended 

5by changing Section 7.40 as follows:

6 (805 ILCS 5/7.40) (from Ch. 32, par. 7.40)

7 Sec. 7.40. Voting of shares. 

8 (a) Subject to subsections (b), (c), and (d) of this 

9Section 7.40, each outstanding share, regardless of class, 

10shall be entitled to one vote in each matter submitted to a 

11vote at a meeting of shareholders, and except as specifically 

12provided in Section 8.30, in all elections for directors, 

13every shareholder shall have the right to vote the number of 

14shares owned by such shareholder for as many persons as there 

15are directors to be elected, or to cumulate such votes and give 

16one candidate as many votes as shall equal the number of 

17directors multiplied by the number of such shares or to 

18distribute such cumulative votes in any proportion among any 

19number of candidates. A shareholder may vote either in person 

20or by proxy subject to the provisions of Section 7.50.

21 (b) The articles of incorporation of any corporation 

22incorporated after December 31, 1981, may limit or eliminate 

23cumulative voting rights in all or specified circumstances, or 

HB2924 Engrossed- 2 -LRB104 11725 SPS 21814 b

1may limit or deny voting rights or may provide special voting 

2rights as to any class or classes or series of shares of such 

3corporation.

4 (c) A corporation, whenever incorporated, may amend its 

5articles of incorporation to limit or eliminate cumulative 

6voting rights in all or specified circumstances, or to limit 

View Illinois HB 2924 on LegisTrack → — full text, sponsors, votes, campaign finance, and cross-state matches.