HB1651sam001 97TH GENERAL ASSEMBLY

Sen. John G. Mulroe

Filed: 5/2/2011

09700HB1651sam001 LRB097 10192 CEL 54898 a

AMENDMENT TO HOUSE BILL 1651

AMENDMENT NO. ______. Amend House Bill 1651 as follows:

on page 5, by deleting lines 6 through 13; and

on page 10, line 17, after "5-7,", by inserting "6-2,"; and

on page 22, immediately below line 11, by inserting the following:

"(205 ILCS 105/6-2) (from Ch. 17, par. 3306-2)

Sec. 6-2. Procedure to amend articles of incorporation. The procedure to effect an amendment of articles of incorporation shall be as follows:

(a) The board of directors shall adopt a resolution setting forth the proposed amendment and directing that it be submitted to a vote at a meeting of the members, which may be an annual or a special meeting;

(b) The proposed amendment, or a summary of the changes to be effective thereby, shall be set forth in the notice of meeting mailed as prescribed in the Section of this Act concerning Members' Meetings;

(c) The proposed amendment will be adopted upon receiving, in the affirmative, 50% or more of the total number of votes which all members of the association are entitled to cast unless the articles of incorporation set forth, pursuant to Section 2-8 of this Act, a requirement that amendments to the articles of incorporation shall be adopted upon receiving, in the affirmative, two-thirds or more of the total number of votes that all members of the association are entitled to cast; provided that an amendment effecting a retirement of all permanent reserve capital must receive the vote specified in the Section of this Act concerning Retirement or Reduction of Permanent Reserve Capital. A report of proceedings, verified by the president or a vice-president and attested by the secretary of the association and setting forth the notice given and time of mailing thereof, the amendment adopted, the vote thereon and the total number of votes which all members of the association were entitled to cast thereon, shall be filed promptly with the Commissioner;

(d) Each adopted amendment shall be subject to the same inquiry by the Commissioner as the corresponding provision in original articles of incorporation, including (but not limited to) the availability of a proposed new name of the association. If the Commissioner approves an amendment, he shall issue to the association a certificate setting forth the amendment and his approval thereof. The amendment shall become effective when such certificate is recorded in the same manner as the association's articles of incorporation; and

(e) No amendment of articles of incorporation shall affect any existing cause of action either in favor of or against the association or any pending action in which the association shall be a party or the existing rights of persons other than members of the association; and if the amendment has changed the name of the association, no action brought by or against the association under its former name shall be abated for that reason.

(Source: P.A. 89-355, eff. 8-17-95.)"; and

on page 79, line 7, by replacing "Secretary", with "secretary of the savings bank Secretary".