(805 ILCS 5/12.15)
(from Ch. 32, par. 12.15)
Voluntary dissolution by vote of shareholders.
of a corporation may be authorized by a vote of shareholders, in the following
(1) The board of directors shall adopt a resolution,
which may be with or without their recommendation, proposing that the corporation be dissolved voluntarily, and directing that the question of such dissolution be submitted to a vote at a meeting of shareholders, which may be either an annual or special meeting, or
(2) Holders of not less than one-fifth of the votes
of the shares entitled to vote on dissolution may, in writing, propose the dissolution of the corporation to the board of directors; if the directors fail or refuse to call a meeting of shareholders to consider such proposal for more than one year after delivery thereof, the shareholders proposing dissolution may call a meeting of the shareholders to consider such proposal.
(b) Written notice stating that the purpose, or one of the purposes, of
the shareholders' meeting is to consider the voluntary dissolution of
the corporation, shall be given to each shareholder whether or not entitled
to vote at such meeting within the time and in the manner provided in this
Act for the giving of notice of
meetings of shareholders. If such meeting be an annual meeting, such
purpose may be included in the notice of such annual meeting.
(c) At such meeting a vote of the shareholders entitled to vote
on dissolution shall be taken on the resolution to dissolve voluntarily the
corporation, which shall require for its adoption the affirmative votes of at least two-thirds of the votes of the
to vote on dissolution, unless any class of shares is entitled to vote
as a class in respect thereof, in which event the resolution shall
require for its adoption the affirmative votes of
two-thirds of the votes of the shares of each class of
shares entitled to
vote as a class in respect thereof and of the votes of the total shares
entitled to vote on dissolution.
(d) The articles of incorporation of any corporation may supersede the
two thirds vote requirement of subsection (c) as to that corporation by
specifying any smaller or larger vote requirement not less than a majority
of the votes of the shares entitled to vote on dissolution
and not less than
a majority of the votes of the shares of any class entitled
to vote as a
class on dissolution.
(Source: P.A. 89-48, eff. 6-23-95.)