Illinois Clauses Relating to Venture Board
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FAQ
To be precise, Section 7.75 provides a right of shareholder inspection. Our discussion of the common law right or claim to an accounting is here. Any shareholder of record can inspect books, records, and minutes. The purpose of this statutory right is to promote corporate transparency.
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. Dissolution pursuant to this Section does not require any vote or action of the directors of the corporation.
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.
To be precise, Section 7.75 provides a right of shareholder inspection. Our discussion of the common law right or claim to an accounting is here. Any shareholder of record can inspect books, records, and minutes. The purpose of this statutory right is to promote corporate transparency.
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.
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.
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.
