Illinois Clauses Relating to Transactions with Insiders are legal provisions that govern transactions involving a company and its insiders, such as directors, officers, and major shareholders. These clauses aim to ensure transparency, fairness, and protection of the interests of the company and its shareholders. Several types of clauses exist in Illinois law to address different aspects of transactions with insiders. Let's take a closer look at some of these clauses: 1. Approval of Interested Transactions: The Illinois Business Corporation Act (INCA) requires that interested transactions, where an insider has a financial interest in a transaction, be approved by either a majority of disinterested directors or a majority of disinterested shareholders. This clause ensures that transactions involving insiders are subject to scrutiny and independent approval. 2. Duty of Loyalty: Directors and officers owe a duty of loyalty to the company and its shareholders, which means they must act in the best interests of the company rather than for personal gain. The INCA enforces this duty, preventing insiders from using their positions to benefit themselves at the company's expense. 3. Fairness Opinions: In certain cases, Illinois law may require insiders to obtain a fairness opinion from an independent financial advisor before engaging in a transaction with the company. Fairness opinions assess whether a transaction is fair from a financial perspective, providing an additional layer of protection for shareholders. 4. Disclosure Requirements: Illinois law mandates that insiders disclose their interests in any transaction involving the company. This requirement ensures transparency and allows other shareholders to assess potential conflicts of interest. 5. Refusal Requirements: Insiders are typically required to recuse themselves from discussions and voting on a transaction if they have a conflicting interest. This ensures fair decision-making and prevents insiders from exerting undue influence. 6. Remedies for Breach: Illinois law provides remedies for shareholders if an insider breaches their fiduciary duties or engages in transactions that harm the company. These remedies may include damages, injunctions, or other forms of relief. By implementing these clauses, Illinois law seeks to promote accountability, minimize potential conflicts of interest, and protect the rights of shareholders in transactions involving insiders. It is important for businesses and individuals in Illinois to be aware of these provisions and ensure compliance to maintain ethical and lawful conduct in corporate transactions.
Illinois Clauses Relating to Transactions with Insiders
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The Illinois Procurement Code ("Code"), Section 30-22 (6) provides as follows: "The bidder and all bidder subcontractors must participate in applicable apprenticeship and training programs approved and registered with the United States Department of Labor's (USDOL ) Bureau of Apprenticeship and Training."
(a) A person commits unlawful stringing of bids when he or she, with the intent to evade the bidding requirements of any unit of local government or school district, knowingly strings or assists in stringing or attempts to string any contract or job order with the unit of local government or school district.
An RBO is a protection plan for taxpayers, ensuring that local quality standards, local levels of craftsmanship, and local economic development practices are upheld.
20-20. Small purchases. (a) Amount. Any individual procurement of supplies or services not exceeding $100,000 and any procurement of construction not exceeding $100,000, or any individual procurement of professional or artistic services not exceeding $100,000 may be made without competitive source selection.
20-43. Bidder or offeror authorized to transact business or conduct affairs in Illinois.
Per [30 ILCS 500/20-20], The Small Purchase Threshold for each catagory is: Professional and Artistic: $100,000 (+CPI) Commodities and Services: $100,000 (+CPI) Construction: $100,000 (+CPI)
740 ILCS 160/5. (B) intended to incur, or believed or reasonably should have believed that he would incur, debts beyond his ability to pay as they became due. (11) the debtor transferred the essential assets of the business to a lienor who transferred the assets to an insider of the debtor.
The statute of limitations for actions under UFTA may varies from state to state. In Illinois, the statute of limitations is typically four years, although ?insider preference? claims have a one-year statute of limitations.
