Illinois Approval of Indemnification Agreements with article amendment and amendment to bylaws
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How to fill out Approval Of Indemnification Agreements With Article Amendment And Amendment To Bylaws?
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FAQ
They are essential in helping an organization map out its purpose and the practical day-to-day details of how it will go about its business. Bylaws serve as the legal guidelines of the organization, and the organization could be challenged in court for its actions if it violates them.
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.
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.
The State Employee Indemnification Act provides that any State employee will be defended by the State of Illinois in the event of a civil lawsuit that arises out of any act or omission occurring within the scope of that employee's State employment.
Do bylaws need to be signed? Technically, it's possible for a board of directors to adopt bylaws without signing them. However, signing your bylaws demonstrates that everyone is on the same page about how your corporation will function.
The bylaws may contain any provision for managing the business and regulating the corporation's affairs that is not inconsistent with statutory law or the corporation's Articles of Incorporation. The bylaws generally cover the areas of the corporation's internal management.
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.