Bill > SB1466

This bill amends the Business Corporation Act of 1983 to modify rules about voting rights for corporate shareholders. Specifically, the bill removes the previous limitation that only corporations incorporated after December 31, 1981 could limit voting rights, and now allows any corporation (regardless of when it was incorporated) to modify its voting structure. The bill permits corporations to limit or eliminate cumulative voting rights, which is a voting method that allows shareholders to concentrate their votes on specific director candidates by multiplying their number of shares by the number of directors being elected. Corporations can now also limit, deny, or provide special voting rights for different classes or series of shares. The change means that corporations have more flexibility in designing their voting mechanisms, which can impact shareholder representation and corporate governance. By removing the date-specific restriction, the bill applies these voting modifications to all corporations, regardless of their incorporation date.

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https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1466&GAID=18&DocTypeID=SB&SessionID=114&GA=104