Public Act 104-0104
 
SB1466 EnrolledLRB104 11259 SPS 21343 b

    AN ACT concerning business.
 
    Be it enacted by the People of the State of Illinois, 
represented in the General Assembly:
 
    Section 5. The Business Corporation Act of 1983 is amended 
by changing Section 7.40 as follows:
 
    (805 ILCS 5/7.40)  (from Ch. 32, par. 7.40)
    Sec. 7.40. Voting of shares. 
    (a) Subject to subsections (b), (c), and (d) of this 
Section 7.40, each outstanding share, regardless of class, 
shall be entitled to one vote in each matter submitted to a 
vote at a meeting of shareholders, and except as specifically 
provided in Section 8.30, in all elections for directors, 
every shareholder shall have the right to vote the number of 
shares owned by such shareholder for as many persons as there 
are directors to be elected, or to cumulate such votes and give 
one candidate as many votes as shall equal the number of 
directors multiplied by the number of such shares or to 
distribute such cumulative votes in any proportion among any 
number of candidates. A shareholder may vote either in person 
or by proxy subject to the provisions of Section 7.50.
    (b) The articles of incorporation of 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.
    (c) A corporation, whenever incorporated, may amend its 
articles of incorporation to limit or eliminate cumulative 
voting rights in all or specified circumstances, or to limit 
or deny voting rights or to provide special voting rights as to 
any class or classes or series of shares of such corporation.
    (d) If the articles of incorporation provide for more or 
less than one vote for any share on any matter, every reference 
in this Act to a majority or other proportion greater than a 
majority of shares shall refer to that majority or other 
proportion greater than a majority of the votes of the shares.
(Source: P.A. 89-48, eff. 6-23-95.)