(805 ILCS 105/108.65)
(from Ch. 32, par. 108.65)
Liability of directors in certain cases.
(a) In addition to any other liabilities imposed by law
upon directors of a corporation, they are liable as follows:
(1) The directors of a corporation who vote for or
assent to any distribution not authorized by Section 109.10 or Article 12 of this Act shall be jointly and severally liable to the corporation for the amount of such distribution.
(2) If a dissolved corporation shall proceed to bar
any known claims against it under Section 112.75 of this Act, the directors of such corporation who fail to take reasonable steps to cause the notice required by Section 112.75 of this Act to be given to any known creditor of such corporation shall be jointly and severally liable to such creditor for all loss and damage occasioned thereby.
(3) Unless dissolution is subsequently revoked
pursuant to Section 112.25 of this Act, the directors of a corporation that conducts its affairs after the filing by the Secretary of State of articles of dissolution with respect to a voluntary dissolution authorized as provided by this Act, otherwise than as necessary or appropriate to wind up and liquidate its affairs, shall be jointly and severally liable to the creditors of such corporation for all debts and liabilities of the corporation incurred in so conducting its affairs. Directors of a corporation that conducts its affairs during a period of administrative dissolution shall not be liable under this paragraph (a)(3) if the Secretary of State subsequently files an application for reinstatement under subsection (c) of Section 112.45, which reinstatement shall have the effect described in subsection (d) of Section 112.45.
(b) A director of a corporation who is present at a meeting
of its board of directors at which action on any corporate
matter is taken is conclusively presumed to have assented to
the action taken unless his or her dissent or abstention is
entered in the minutes of the meeting or unless he or she
files his or her written dissent or abstention to such
action with the person acting as the secretary of the
meeting before the adjournment thereof or forwards such
dissent or abstention by registered or certified mail to the
secretary of the corporation immediately after the
adjournment of the meeting. Such right to dissent or
abstain does not apply to a director who voted in favor of
(c) A director shall not be liable for a distribution of
assets to any person in excess of the amount authorized by
Section 109.10 or Article 12 of this Act if he or she relied
and acted in good faith upon a balance sheet and profit and
loss statement of the corporation represented to him or her
to be correct by the president or the officer of such
corporation having charge of its books of account, or
certified by an independent public or certified public
accountant or firm of such accountants to fairly reflect the
financial condition of such corporation, nor shall he or she
be so liable if in good faith in determining the amount
available for any such distribution he or she considered the
assets to be of their book value.
(d) Any director against whom a claim is asserted under
this Section and who is held liable thereon, is entitled to
contribution from the other directors who are likewise
liable thereon. Any director against whom a claim is
asserted for the improper distribution of assets of a
corporation, and who is held liable thereon, is entitled to
contribution from the persons who knowingly accepted or
received any such distribution in proportion to the amounts
received by them respectively.
(Source: P.A. 98-776, eff. 1-1-15