Full Text of HB0352 95th General Assembly
HB0352enr 95TH GENERAL ASSEMBLY
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HB0352 Enrolled |
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LRB095 05308 MJR 25386 b |
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| AN ACT concerning regulation.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Illinois Credit Union Act is amended by | 5 |
| changing Section 20 as follows:
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| (205 ILCS 305/20) (from Ch. 17, par. 4421)
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| Sec. 20. Election or appointment of officials.
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| (1) The credit union shall
be directed by a Board of | 9 |
| Directors consisting of no less than 7 in number,
to be elected | 10 |
| at the annual meeting by and from the members. Directors shall
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| hold office until the next annual meeting, unless their
terms | 12 |
| are staggered. Upon amendment of its bylaws, a credit union may | 13 |
| divide
the Directors into 2 or 3 classes with each class as | 14 |
| nearly equal in number as
possible. The term of office of the | 15 |
| directors of the first class shall expire
at the first annual | 16 |
| meeting after their election, that of the second class
shall
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| expire at the second annual meeting after their election, and | 18 |
| that of the third
class, if any, shall expire at the third | 19 |
| annual meeting after their election.
At each annual meeting | 20 |
| after the classification, the number of directors equal
to the | 21 |
| number of directors whose terms expire at the time of the | 22 |
| meeting shall
be elected to hold office until the second | 23 |
| succeeding annual meeting if there
are 2 classes or until the |
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| third succeeding annual meeting if there are 3
classes. A | 2 |
| Director shall hold office for the term for which he
or she is | 3 |
| elected and until his or her
successor
is elected and | 4 |
| qualified. | 5 |
| (1.5) Except as provided in subsection (1.10), in
In all | 6 |
| elections for Directors, every member
has the right to vote, in | 7 |
| person or by proxy, the number of shares owned
by him, or in | 8 |
| the case of a member other than a natural person, the member's
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| one vote, for as many persons as there are Directors to be | 10 |
| elected, or to
cumulate such shares, and give one candidate as | 11 |
| many votes as the number
of Directors multiplied by the number | 12 |
| of his shares equals, or to distribute
them on
the same | 13 |
| principle among as many candidates as he may desire and the | 14 |
| Directors
shall not be elected in any other manner. Shares held | 15 |
| in a joint account
owned by more than one member may be voted | 16 |
| by any one of the members, however,
the number of cumulative | 17 |
| votes cast may not exceed a total equal to the number
of shares | 18 |
| multiplied by the number of directors to be elected. A majority | 19 |
| of
the shares entitled
to vote shall be represented either in | 20 |
| person or by proxy for the election
of Directors. Each Director | 21 |
| shall wholly take and subscribe to an oath
that he will | 22 |
| diligently and honestly perform his duties in administering
the | 23 |
| affairs of the credit union, that while he may delegate to | 24 |
| another the
performance of those administrative duties he is | 25 |
| not thereby relieved from
his responsibility for their | 26 |
| performance, that he will not knowingly violate
or willingly |
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| permit to be violated any law applicable to the credit union,
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| and that he is the owner of at least one share of the credit | 3 |
| union.
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| (1.10) Upon amendment of a credit union's bylaws approved | 5 |
| by the members, in all elections for Directors, every member | 6 |
| who is a natural person shall have the right to cast one vote, | 7 |
| regardless of the number of his or her shares, in person or by | 8 |
| proxy, for as many persons as there are Directors to be | 9 |
| elected.
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| (2) The Board of Directors shall appoint from among the | 11 |
| members of the
credit union, a Supervisory Committee of not | 12 |
| less than 3 members at the
organization meeting and within 30 | 13 |
| days following each annual meeting of
the members for such | 14 |
| terms as the bylaws provide. Members of the Supervisory
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| Committee may, but need not be, on the Board of Directors, but | 16 |
| shall not
be officers of the credit union, members of the | 17 |
| Credit Committee,
or the
credit manager if no Credit Committee | 18 |
| has been appointed.
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| (3) The Board of Directors may appoint, from among the
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| members of the
credit union, a Credit Committee consisting of | 21 |
| an odd number, not less than
3 for such terms as the bylaws | 22 |
| provide. Members of the Credit Committee
may, but need not be, | 23 |
| Directors or officers of the credit union, but shall
not be | 24 |
| members of the Supervisory Committee.
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| (4) The Board of Directors may appoint from among the | 26 |
| members
of the
credit union a Membership Committee of one or |
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| more persons. If appointed,
the Committee shall act
upon all | 2 |
| applications for membership and submit a report of its actions
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| to the Board of Directors at the next regular meeting for
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| review.
If no Membership Committee is appointed, credit union | 5 |
| management shall act
upon all applications for membership and | 6 |
| submit a report of its actions to the
Board of Directors at the | 7 |
| next regular meeting for review.
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| (Source: P.A. 91-929, eff. 12-15-00; 92-608, eff. 7-1-02.)
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