(Section scheduled to be repealed on January 1, 2027)
114 words·~1 min read·
/il/chapter-215/act-5/1-23A 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(Section scheduled to be repealed on January 1, 2027)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. 11. Executive committee. If the by-laws of any company subject to the provisions of this article, so provide, the board of directors, by a resolution adopted by a majority of the whole board, may designate three or more directors to constitute an executive committee, which committee, to the extent provided in the resolution or in the by-laws, shall 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 nor any member thereof of any responsibility imposed by law.