(Section scheduled to be repealed on January 1, 2027)
108 words·~1 min read·
/il/chapter-215/act-5/1-157A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(Section scheduled to be repealed on January 1, 2027)
Sec. 41. Executive committee. If the by-laws so provide, the board of directors or trustees, by a resolution adopted by a majority of the whole board, may designate three or more of their number to constitute an executive committee, which committee shall, to the extent provided in the resolution or in the by-laws, have and exercise, during the interim between the meetings of the board, all of the authority of the board in the management of the company, but the designation of such committee shall not relieve the board or any member thereof of any responsibility imposed by law.