91st General Assembly
Summary of SB0566
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Synopsis of Bill as introduced:
        Amends the Business Corporation  Act  of  1983.   Makes  numerous      
   changes   in   provisions   concerning   the  regulation  of  business      
   corporations, including: prohibits  a  statement  of  correction  from      
   altering the articles of incorporation with respect to the corporation      
   purpose,  the  class  or  classes  of shares to be authorized, and the      
   names and addresses of the initial directors; authorizes a  refund  or      
   adjustment  of  interest  claimed  to  have  been  erroneously paid or      
   claimed to be payable; changes the definition  of  "paid-in  capital";      
   authorizes  omission  (rather than removal) of the names and addresses      
   of  initial  directors  and  initial  registered  agent  from  amended      
   articles  of  incorporation;  requires  filing  an   application   for      
   withdrawal  in  duplicate  (rather than triplicate); and makes changes      
   concerning  franchise  taxes   payable   by   domestic   and   foreign      
        SENATE AMENDMENT NO. 1.                                                
          Deletes reference to:                                                
          805 ILCS 5/1.80                                                      
          805 ILCS 5/15.35                                                     
          805 ILCS 5/15.65                                                     
        Deletes change  in  definition  of  "paid-in  capital".   Deletes      
   changes  to  Sections  concerning  franchise taxes payable by domestic      
   corporations and by foreign corporations.  Deletes substantive changes      
   to Sections concerning the basis for computation  of  franchise  taxes      
   payable  by domestic corporations and concerning the rate of franchise      
   taxes payable by domestic corporations.                                     
Last action on Bill: PUBLIC ACT.............................. 91-0464

   Last action date: 99-08-06

           Location: Senate

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   1


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