Illinois General Assembly - Bill Status for HB5376

Home

Legislation & Laws

Senate

House

My Legislation

Site Map

Previous General Assemblies

Bill Status of HB5376 102nd General Assembly

Full Text Votes Witness Slips View All Actions Printer-Friendly Version

Short Description: BUSINESS CORP ACT-FAIR VALUE

House Sponsors
Rep. Terry R. Parke

Senate Sponsors
(Sen. Don Harmon - Arthur J. Wilhelmi)

Last Action

Date	Chamber	Action
6/20/2006	House	Public Act . . . . . . . . . 94-0889

Statutes Amended In Order of Appearance

805 ILCS 5/6.15

from Ch. 32, par. 6.15

805 ILCS 5/8.75

from Ch. 32, par. 8.75

805 ILCS 5/11.70

from Ch. 32, par. 11.70

805 ILCS 5/12.56

805 ILCS 180/15-5

805 ILCS 180/15-6 new

Synopsis As Introduced
Amends the Business Corporation Act of 1983. Requires that fair value (instead of just value) be paid for a fractional share that is paid in cash. Defines "fair value". Provides that, in the list of those who can make a determination for purposes of indemnification of a present or former director, officer, employee or agent in a particular case, the determination shall be by a committee of the directors who are not parties to such action, suit, or proceeding, even though less than a quorum, designated by a majority vote of the directors (instead of a committee of directors designated by a majority vote of the directors). Amends the Limited Liability Company Act. Provides that the operating agreement may not contain any provision inconsistent with the voting provisions in the listed Section. Limits situations in which a person may vote to ratify or approve matters.

House Committee Amendment No. 1

	Deletes reference to:
	805 ILCS 180/15-5

805 ILCS 180/15-6 new

Replaces everything after the enacting clause. Reinserts the provisions of the original bill. In the Limited Liability Company Act, removes the language that limits situations in which a person may vote to ratify or approve matters.

Actions

Date	Chamber	Action
1/26/2006	House	Filed with the Clerk by Rep. Terry R. Parke
1/26/2006	House	First Reading
1/26/2006	House	Referred to Rules Committee
2/7/2006	House	Assigned to Consumer Protection Committee
2/14/2006	House	House Committee Amendment No. 1 Filed with Clerk by Consumer Protection Committee
2/14/2006	House	House Committee Amendment No. 1 Adopted in Consumer Protection Committee; by Voice Vote
2/14/2006	House	Do Pass as Amended / Short Debate Consumer Protection Committee; 013-000-000
2/14/2006	House	Placed on Calendar 2nd Reading - Short Debate
2/16/2006	House	Second Reading - Short Debate
2/16/2006	House	Placed on Calendar Order of 3rd Reading - Short Debate
2/21/2006	House	Third Reading - Short Debate - Passed 112-001-000
2/22/2006	Senate	Arrive in Senate
2/22/2006	Senate	Placed on Calendar Order of First Reading February 23, 2006
2/22/2006	Senate	Chief Senate Sponsor Sen. Don Harmon
2/23/2006	Senate	First Reading
2/23/2006	Senate	Referred to Rules
3/15/2006	Senate	Assigned to Judiciary
3/16/2006	Senate	Added as Alternate Chief Co-Sponsor Sen. Arthur J. Wilhelmi
3/24/2006	Senate	Do Pass Judiciary; 009-000-000
3/24/2006	Senate	Placed on Calendar Order of 2nd Reading March 27, 2006
3/27/2006	Senate	Second Reading
3/27/2006	Senate	Placed on Calendar Order of 3rd Reading March 28, 2006
3/28/2006	Senate	Third Reading - Passed; 057-000-000
3/28/2006	House	Passed Both Houses
4/26/2006	House	Sent to the Governor
6/20/2006	House	Governor Approved
6/20/2006	House	Effective Date January 1, 2007
6/20/2006	House	Public Act . . . . . . . . . 94-0889

×