(205 ILCS 205/4006) (from Ch. 17, par. 7304-6)
Sec. 4006.
Record date for voting, dividend, and other purposes.
(a) For the purposes of determining the holders of
stock, capital accounts, and membership entitled to notice of
or to vote at any meeting of the members or in order to make
a determination of the members, holders, or other persons for
any other proper purpose, the bylaws may provide for a record
date, not fewer than 10 days nor more than 40 days before the
meeting or other event or transaction with regard to which the
determination is to be made. This determination shall be made
as of the close of business on the record date.
(b) If the bylaws do not provide for a record date, the board of
directors may fix a record date for each determination to be made, within
the time limits set forth in subsection (a). If the board of directors
fails to fix a record date, the record date for a meeting shall
be the date on which the first notice of meeting is given.
(c) Shares of stock or deposit accounts withdrawn
or retired after the record date shall not be voted or
counted in determining the number of shares outstanding. This
Section shall be applicable to the dividend payments on
capital stock, but dividends on deposit accounts shall
be governed by Section 5008 of this Act.
(Source: P.A. 86-1213.)
|