(805 ILCS 5/7.25)
(from Ch. 32, par. 7.25)
Fixing record date.
For the purpose of determining shareholders entitled to notice of or to
vote at any meeting of shareholders, or shareholders entitled to receive
payment of any dividend, or in order to make a determination of
shareholders for any other proper purpose, the board of directors of a
fix in advance a date as the record date for any such determination of
shareholders, such date in any case to be not more than 60 days and, for a
meeting of shareholders, not less than 10 days, or in the case of a merger,
consolidation, share exchange, dissolution or sale, lease or exchange of
assets, not less than 20 days, immediately preceding such meeting.
If no record date is fixed for
the determination of shareholders entitled to notice of or to vote at a
meeting of shareholders, or shareholders entitled to receive payment of a
dividend, the date on which notice of the meeting is mailed or the date on
which the resolution of the board of directors declaring such dividend is
adopted, as the case may be, shall be the record date for such
determination of shareholders. When a determination of shareholders
entitled to vote at any meeting of shareholders has been made as provided
in this Section, such determination shall apply to any adjournment thereof.
In lieu of the board of directors from time to time establishing record
dates, the by-laws of the corporation may establish a mechanism for determining
record dates in all or specified instances.
(Source: P.A. 84-924.)