Sen. John G. Mulroe

Filed: 5/2/2011

 

 


 

 


 
09700HB1651sam001LRB097 10192 CEL 54898 a

1
AMENDMENT TO HOUSE BILL 1651

2    AMENDMENT NO. ______. Amend House Bill 1651 as follows:
 
3on page 5, by deleting lines 6 through 13; and
 
4on page 10, line 17, after "5-7,", by inserting "6-2,"; and
 
5on page 22, immediately below line 11, by inserting the
6following:
 
7    "(205 ILCS 105/6-2)  (from Ch. 17, par. 3306-2)
8    Sec. 6-2. Procedure to amend articles of incorporation. The
9procedure to effect an amendment of articles of incorporation
10shall be as follows:
11    (a) The board of directors shall adopt a resolution setting
12forth the proposed amendment and directing that it be submitted
13to a vote at a meeting of the members, which may be an annual or
14a special meeting;

 

 

09700HB1651sam001- 2 -LRB097 10192 CEL 54898 a

1    (b) The proposed amendment, or a summary of the changes to
2be effective thereby, shall be set forth in the notice of
3meeting mailed as prescribed in the Section of this Act
4concerning Members' Meetings;
5    (c) The proposed amendment will be adopted upon receiving,
6in the affirmative, 50% or more of the total number of votes
7which all members of the association are entitled to cast
8unless the articles of incorporation set forth, pursuant to
9Section 2-8 of this Act, a requirement that amendments to the
10articles of incorporation shall be adopted upon receiving, in
11the affirmative, two-thirds or more of the total number of
12votes that all members of the association are entitled to cast;
13provided that an amendment effecting a retirement of all
14permanent reserve capital must receive the vote specified in
15the Section of this Act concerning Retirement or Reduction of
16Permanent Reserve Capital. A report of proceedings, verified by
17the president or a vice-president and attested by the secretary
18of the association and setting forth the notice given and time
19of mailing thereof, the amendment adopted, the vote thereon and
20the total number of votes which all members of the association
21were entitled to cast thereon, shall be filed promptly with the
22Commissioner;
23    (d) Each adopted amendment shall be subject to the same
24inquiry by the Commissioner as the corresponding provision in
25original articles of incorporation, including (but not limited
26to) the availability of a proposed new name of the association.

 

 

09700HB1651sam001- 3 -LRB097 10192 CEL 54898 a

1If the Commissioner approves an amendment, he shall issue to
2the association a certificate setting forth the amendment and
3his approval thereof. The amendment shall become effective when
4such certificate is recorded in the same manner as the
5association's articles of incorporation; and
6    (e) No amendment of articles of incorporation shall affect
7any existing cause of action either in favor of or against the
8association or any pending action in which the association
9shall be a party or the existing rights of persons other than
10members of the association; and if the amendment has changed
11the name of the association, no action brought by or against
12the association under its former name shall be abated for that
13reason.
14(Source: P.A. 89-355, eff. 8-17-95.)"; and
 
15on page 79, line 7, by replacing "Secretary", with "secretary
16of the savings bank Secretary".