(805 ILCS 35/14)
(from Ch. 32, par. 1014)
The management of the affairs of the corporation shall be
administered by a board of directors. Until the first meeting of
stockholders, the incorporators shall have the powers and perform the
duties ordinarily possessed and exercised by a board of directors.
Thereafter, the board of directors shall be composed of not less than 18
persons who shall be residents of this State. Each member shall be entitled
to nominate at least one candidate at any election of directors for
consideration by the shareholders together with candidates for director
nominated by any shareholder.
The directors shall hold office until their successors are elected and
No director shall receive any salary until the earned surplus of the
corporation equals the total of the capital and paid-in surplus as provided
in Section 19.
The Executive Director of the Board of Economic Development, or the
Director or other chief executive officer of any department or agency which
may succeed such Board, shall be given notice of all meetings of the board
of directors and may attend any such meeting for the purpose of presenting
suggested prospects desiring financial help whose industrial expansion and
development are consistent with the desired economic development of the
(Source: Laws 1965, p. 577.)