Sec. 102.20. Organization of Corporation.

193 words·~1 min read·/il/chapter-805/act-105/102-20

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)After filing the articles of incorporation, the first meeting of the board of directors shall be held at the call of a majority of the incorporators or of the directors for the purpose of:

(1)Adopting bylaws;

(2)Electing officers; and

(3)Such other purposes as may come before the meeting.

In lieu of a meeting, director action may be taken by consent in writing, pursuant to Section 108.45 of this Act.

(b)If the corporation has members, a first meeting of the members may be held at the call of an officer or of a majority of the directors, for such purposes as shall be stated in the notice of the meeting.

If the corporation has members entitled to vote, then in lieu of a meeting, member action may be taken by consent in writing, pursuant to Section 107.10 of this Act.

(c)At least three days' written notice of an organizational meeting shall be given unless the persons entitled to such notice waive the same in writing, either before or after such meeting. An organizational meeting may be held either within or without this State.