90th General Assembly
Summary of SB0952
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Senate Sponsors:
DILLARD.

House Sponsors:
CROSS-DART

Short description: 
BUSINESSES-LAW CHOICE-OPERATNS                                             

Synopsis of Bill as introduced:
        Creates the Choice of Law  and  Forum  Act.   Provides  that  the      
   parties  to  a  contract  relating  to  an obligation arising out of a      
   transaction covering not less than $250,000 may agree that the law  of      
   this  State  shall govern their rights or duties regardless of whether      
   the contract bears a reasonable relation to this State,  and  provides      
   that a person may maintain an action in this State if those conditions      
   have been met; sets forth exceptions. Effective January 1, 1998.            
        SENATE AMENDMENT NO. 3.                                                
          Deletes reference to:                                                
          New Act                                                              
          Adds reference to:                                                   
          805 ILCS 5/1.80                 from Ch. 32, par. 1.80               
          805 ILCS 5/9.20 new                                                  
          805 ILCS 5/13.75 new                                                 
          805 ILCS 5/14.30                from Ch. 32, par. 14.30              
          805 ILCS 5/15.90                from Ch. 32, par. 15.90              
          805 ILCS 405/4                  from Ch. 96, par. 7                  
        Deletes everything.  Amends the Business Corporation Act of 1983.      
   Provides for a corporation's reduction of its paid-in  capital.   Sets      
   forth  activities  of a foreign corporation that are not considered to      
   constitute transacting business in Illinois for purposes of  the  Act.      
   Makes  changes  concerning  the  limitations period on a corporation's      
   obligation to pay taxes, fees, penalties, or interest, and makes other      
   changes. Amends the Assumed Business Name Act.  Provides that the  Act      
   does not apply to a limited liability company, limited partnership, or      
   limited liability partnership.  Effective January 1, 1998.                  
        HOUSE AMENDMENT NO. 1.                                                 
          Adds reference to:                                                   
          805 ILCS 5/8.60                 from Ch. 32, par. 8.60               
        Further amends the Business Corporation Act.  Provides that if  a      
   transaction is fair to a corporation at the time it is authorized, the      
   fact  that a director of the corporation is a party to the transaction      
   is  not  grounds  for  invalidating  the  director's  vote.    Deletes      
   provision  that  the  director may be counted in determining whether a      
   quorum is present but may not  be  counted  when  the  directors  take      
   action on the transaction.                                                  
        HOUSE AMENDMENT NO. 2.                                                 
          Adds reference to:                                                   
          New Act                                                              
        Creates the Choice of Law  and  Forum  Act.   Provides  that  the      
   parties  to  a  contract  relating  to  an obligation arising out of a      
   transaction covering not less than $250,000 may agree that the law  of      
   this  State  shall govern their rights or duties regardless of whether      
   the contract bears a reasonable relation to this State.  Provides that      
   a person may maintain an action in this  State  if  the  parties  have      
   agreed  that  Illinois  law  shall govern their rights and duties, the      
   action relates to an obligation arising out of a transaction  covering      
   not  less  than  $500,000, and the foreign corporation or non-resident      
   agrees to submit to the jurisdiction of Illinois courts.                    
          STATE MANDATES FISCAL NOTE, H-AMS 1 & 2 (DCCA)                       
          This legislation fails to create a State mandate.                    
 
Last action on Bill: PUBLIC ACT.............................. 90-0421

   Last action date: 97-08-15

           Location: Senate

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   2     SENATE -   1


   END OF INQUIRY 
                                                                               



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