Illinois Action by Unanimous Consent of Shareholders in Lieu of Meeting - Amending Bylaws
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How to fill out Action By Unanimous Consent Of Shareholders In Lieu Of Meeting - Amending Bylaws?
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DIRECTORS: Pursuant to section 108.10 of the General Not For Profit Corporation Act, the board of directors of a not for profit corporation shall consist of three or more directors. You can list between three and seven directors on the on-line articles of incorporation.
Changing officers of a corporation involves filing the articles of incorporation while adhering to Illinois state codes. Directors add officers formally at an annual directors meeting but can do so at any time within the scope of the bylaws.
9.20. Reduction of paid-in capital. bankruptcy that specifically directs the reduction to be effected. (b) Notwithstanding anything to the contrary contained in this Act, at no time shall the paid-in capital be reduced to an amount less than the aggregate par value of all issued shares having a par value.
9.05. Power of corporation to acquire its own shares. (a) A corporation may acquire its own shares, subject to limitations set forth in Section 9.10 of this Act.
Sec. 12.10. Voluntary dissolution by written consent of all shareholders. Dissolution of a corporation may be authorized by the unanimous consent in writing of the holders of all outstanding shares entitled to vote on dissolution.
Corporate bylaws are legally required in Illinois. Illinois statute §805 ILCS 5/2.20 requires that bylaws be adopted either by shareholders at the first shareholder meeting or by directors at the initial director meeting.
(b) Any person who is a shareholder of record shall have the right to examine, in person or by agent, at any reasonable time or times, the corporation's books and records of account, minutes, voting trust agreements filed with the corporation and record of shareholders, and to make extracts therefrom, but only for a ...
Illinois nonprofits must have at least three board members. That does not mean you need to have only three. In fact, as your organization grows, you may need more board members to take on different projects and fundraising activities.
