Illinois Proposed amendment to Bylaws regarding director and officer indemnification with copy of amendment
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How to fill out Proposed Amendment To Bylaws Regarding Director And Officer Indemnification With Copy Of Amendment?
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Sec. 18.4. Powers and duties of board of managers. The board of managers shall exercise for the association all powers, duties and authority vested in the association by law or the condominium instruments except for such powers, duties and authority reserved by law to the members of the association.
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.
Sec. 33. Limitations on the use of smoking cannabis. The condominium instruments of an association may prohibit or limit the smoking of cannabis, as the term "smoking" is defined in the Cannabis Regulation and Tax Act, within a unit owner's unit.
HB 5246 ? Document request, deadlines, and fees Starting January 1, 2023, House Bill 5246 will reduce the timeframe for condominium associations in Illinois to provide certain disclosures under Section 22.1 of the Illinois Condominium Property Act (unit resales) from 30 to 10 business days.
Specifically, Section 18.4 of the Illinois Condominium Property Act states that a condominium board must "exercise the care required of a fiduciary of the unit owners." This duty is also set out in the Illinois General Not for Profit Corporation Act.
General amendments to condominium instruments are governed by Section 27 of the Illinois Condominium Property Act, which states that an affirmative vote of 2/3 of voting unit owners must approve amendments, unless the condominium instruments provide for some other majority vote somewhere between 50% and 75%.
HOA and condo board members should know, though, that they are not completely immune from personal liability. If the court finds that a board member engaged in fraudulent or malicious behaviors, they will be held accountable for their actions.
Ing to Illinois statute §805 ILCS 5/2.20, either shareholders and directors may amend corporate bylaws, unless the Articles of Incorporation state that only shareholders may amend bylaws.