Bill Text: IL HB2924 | 2025-2026 | 104th General Assembly | Introduced

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Bill Title: Amends the Business Corporation Act of 1983. Provides that the articles of incorporation of any corporation (currently, any corporation incorporated after December 31, 1981) may limit or eliminate cumulative voting rights in all or specified circumstances, or may limit or deny voting rights or may provide special voting rights as to any class or classes or series of shares of such corporation.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2025-02-06 - Referred to Rules Committee [HB2924 Detail]

Download: Illinois-2025-HB2924-Introduced.html

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104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 HB2924 Introduced , by Rep. Bob Morgan SYNOPSIS AS INTRODUCED:
805 ILCS 5/7.40 from Ch. 32, par. 7.40
Amends the Business Corporation Act of 1983. Provides that the articles of incorporation of any corporation (currently, any corporation incorporated after December 31, 1981) may limit or eliminate cumulative voting rights in all or specified circumstances, or may limit or deny voting rights or may provide special voting rights as to any class or classes or series of shares of such corporation.
LRB104 11725 SPS 21814 b
A BILL FOR
HB2924 LRB104 11725 SPS 21814 b
AN ACT concerning business.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Business Corporation Act of 1983 is amended
by changing Section 7.40 as follows:
(805 ILCS 5/7.40) (from Ch. 32, par. 7.40)
Sec. 7.40. Voting of shares.
(a) Subject to subsections (b), (c), and (d) of this
Section 7.40, each outstanding share, regardless of class,
shall be entitled to one vote in each matter submitted to a
vote at a meeting of shareholders, and except as specifically
provided in Section 8.30, in all elections for directors,
every shareholder shall have the right to vote the number of
shares owned by such shareholder for as many persons as there
are directors to be elected, or to cumulate such votes and give
one candidate as many votes as shall equal the number of
directors multiplied by the number of such shares or to
distribute such cumulative votes in any proportion among any
number of candidates. A shareholder may vote either in person
or by proxy subject to the provisions of Section 7.50.
(b) The articles of incorporation of any corporation
incorporated after December 31, 1981, may limit or eliminate
cumulative voting rights in all or specified circumstances, or

HB2924 - 2 - LRB104 11725 SPS 21814 b