(a) Voting at a meeting may be either in person or by proxy executed in writing by the member or stockholder or by his duly authorized attorney-in-fact.
     (b) In the determination of all questions requiring ascertainment of who is entitled to vote and of the number of outstanding shares, the following rules shall apply:
lawyer at desk

Ask a legal question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

Terms Used In Illinois Compiled Statutes 205 ILCS 205/4005

  • Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.

        (1) The date of determination shall be the record
    
date for voting provided in this Act.
        (2) Each person holding one or more withdrawable
    
accounts in a mutual savings bank shall have the vote of one share for each $100 of the aggregate withdrawal value of the accounts and shall have the vote of one share for any fraction of $100; however, subject to regulation of the Commissioner, a mutual savings bank may in its by-laws limit the number of votes a person may cast to 1,000 votes. A mutual savings bank may adopt a different voting arrangement if the Commissioner finds that the arrangement would not be inequitable to members and if the members approve the arrangement by an affirmative vote of at least two-thirds of the votes entitled to be cast, however, the voting arrangement need not obtain the foregoing member approval if such voting arrangement is otherwise approved as part of a corporate change under this Act.
        (3) Each holder of capital stock held shall have one
    
vote for each share held.
        (4) Shares owned by the savings bank shall not be
    
counted or voted.
        (5) A savings bank authorized to issue stock shall
    
provide in its articles of incorporation that voting rights shall be vested exclusively in stockholders.
  Previous section
Next section  
 Article 4 Contents