Illinois Reduction in Authorized Number of Directors
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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.
(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 ...
Directors. There must be at least three directors. They do not have to be Illinois residents or corporation members. You may list between three and seven directors on the Articles of Incorporation.
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.
The duty of loyalty often arises in circumstances involving conflicts of interest, corporate opportunities, and competing with the corporation. Under Illinois law, an officer must not engage in self-dealing, take secret profits that belong to the corporation, or seize corporate opportunities.
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.
(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 ...
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.