91st General Assembly
Summary of SB0567
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Short description: 
NONPROFIT CORP-BUSINESS CORP                                               

Synopsis of Bill as introduced:
        Amends the General  Not  For  Profit  Corporation  Act  of  1986.      
   Provides  that a statement of correction may not alter a corporation's      
   articles of incorporation with respect  to  the  corporation  purpose.      
   Provides that amended articles of incorporation may omit (now, remove)      
   information  concerning  the initial directors, the initial registered      
   agent, and the initial registered office.                                   
        HOUSE AMENDMENT NO. 1.                                                 
          Adds reference to:                                                   
          805 ILCS 5/7.65                 from Ch. 32, par. 7.65               
          805 ILCS 210/108                from Ch. 106 1/2, par. 151-9         
        Amends the Business Corporation Act  of  1983  concerning  voting      
   trusts;  also  amends  the  Revised  Uniform  Limited  Partnership Act      
   concerning use of an assumed name.  Provides that a voting  trust  may      
   be  created  for  a  stated  duration, which may be perpetual or for a      
   fixed period or may be  determined  by  the  occurrence  of  a  stated      
   condition or conditions (rather than a period not exceeding 10 years).      
   Provides that if the agreement creating a voting trust does not con-        
   tain a stated duration, the trust shall terminate 10 years after the        
   agreement first became effective. Makes other changes. Makes changes        
   applicable only to voting trust agreements created after this               
   amendatory Act's effective date or amended after that date to include       
   a stated duration. Authorizes a limited partnership to adopt an assum-      
   ed name that does not contain the words "limited partnership" or the        
   abbreviation "L.P.". Provides that as used in the Act, "assumed name"       
   does not mean the use of a name of a division, not constituting a           
   separate limited partnership and not containing the words "limited          
   partnership" or an abbreviation of those words, provided that the           
   limited partnership also clearly discloses its true name.                   
Last action on Bill: PUBLIC ACT.............................. 91-0527

   Last action date: 99-08-13

           Location: Senate

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


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