(20 ILCS 3990/5)
(from Ch. 48, par. 2605)
(a) The Board of Directors shall meet no less than
quarterly and may meet at other times in accordance with a schedule adopted
by the Board. Special meetings of the Board may be held upon the call of
the Chairman, issued in writing no less than 48 hours prior to the proposed
day and hour of the Board meeting, or upon a request for a meeting
presented in writing to the Chairman no less than 72 hours prior to the
proposed day and hour of the Board meeting and signed by at least a
majority of the Directors, whereupon the Chairman shall convene a meeting
of the Board at the time and place stated in the request.
(b) A majority of all members of the Board shall constitute a quorum to
transact business, but no vacancy shall impair the right of the remaining
Directors to exercise all of the powers of the Board.
Except as otherwise provided in this Act, the affirmative vote of a
majority of all Directors is necessary for approving any contract or
agreement, adopting any rule, regulation or resolution, or taking any
action required by this Act.
(Source: P.A. 86-1015.)