Illinois 93rd Regular Session Status: Passed Senate 1 D cosponsors

SB 683 — BANK AS LIMITED LIABILITY CO

Last action — Session Sine Die

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. 3
    Passed Senate
  4. 4
    Passed House
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 93rd Regular Session. It reached “Passed Senate” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

Amends the Illinois Banking Act and the Limited Liability Company Act. Authorizes banks to organize as limited liability companies. Effective immediately.

Bill Text

What changed in the latest version

639 added · 49 removed

Plain-language change summary

The recent amendments to Bill SB 683 made significant changes to the corporate powers of banks and the qualifications for their incorporators. Specifically, the updated bill clarifies that banks can create and manage their own bylaws in line with the Business Corporation Act, which gives them more flexibility in governance. Additionally, the requirement that a bank must have a minimum of five individual incorporators has been revised to allow a bank holding company to be the sole incorporator, simplifying the process of establishing a bank. These changes are important because they make it easier to establish banks and allow them to adapt more efficiently to governance needs.

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093_SB0683 LRB093 06478 JLS 06601 b AN ACT concerning certain financial institutions.
SB683 Engrossed LRB093 06478 JLS 06601 b AN ACT concerning certain financial institutions.
The Illinois Banking Act is amended by changing Section 8 as follows:
The Illinois Banking Act is amended by changing Sections 5 and 10 and adding Section 13.6 as follows:
(205 ILCS 5/8) (from Ch.
(205 ILCS 5/5) (from Ch.
315) Sec.
311) Sec.
8.
5.
Incorporators.
General corporate powers.
A State bank may be organized on application by 5 or more incorporators___________5___________ _____i_____________________e______________________c___ who shall be individuals except that a bank holding company may be the sole incorporator of a State bank.
A bank organized under this Act or subject hereto shall be a body corporate and politic and shall, without specific mention thereof in the charter, have all the powers conferred by this Act and the following additional general corporate powers:
(1) To sue and be sued, complain, and defend in its corporate name.
(2) To have a corporate seal, which may be altered at pleasure, and to use the same by causing it or a facsimile thereof to be impressed or affixed or in any manner reproduced, provided that the affixing of a corporate seal to an instrument shall not give the instrument additional force or effect, or change the construction thereof, and the use of a corporate seal is not mandatory.
(3) To make, alter, amend, and repeal bylaws,__________ _____t_____________________a_______________________c_______, not inconsistent with its charter or with law, for the administration of the affairs of the bank.
If this Act does not provide specific guidance in matters of corporate governance, the provisions of the Business Corporation Act of 1983 may be used if so provided in the bylaws,________ _____s_____________________L______________________m_____________ _____e_____________________i________________.
(4) To elect or appoint and remove officers and agents SB683 Engrossed -2- LRB093 06478 JLS 06601 b of the bank and define their duties and fix their compensation.
(5) To adopt and operate reasonable bonus plans, profit-sharing plans, stock-bonus plans, stock-option plans, pension plans and similar incentive plans for its directors, officers and employees.
(5.1) To manage, operate and administer a fund for the investment of funds by a public agency or agencies, including any unit of local government or school district, or any person.
The fund for a public agency shall invest in the same type of investments and be subject to the same limitations provided for the investment of public funds.
The fund for public agencies shall maintain a separate ledger showing the amount of investment for each public agency in the fund.
"Public funds" and "public agency" as used in this Section shall have the meanings ascribed to them in Section 1 of the Public Funds Investment Act.
(6) To make reasonable donations for the public welfare or for charitable, scientific, religious or educational purposes.
(7) To borrow or incur an obligation;
and to pledge its assets:
(a) to secure its borrowings, its lease of personal or real property or its other nondeposit obligations;
(b) to enable it to act as agent for the sale of obligations of the United States;
(c) to secure deposits of public money of the United States, whenever required by the laws of the United States, including without being limited to, revenues and funds the deposit of which is subject to the control or regulation of the United States or any of its officers, agents, or employees and Postal Savings funds;
(d) to secure deposits of public money of any state or of any political corporation or subdivision thereof SB683 Engrossed -3- LRB093 06478 JLS 06601 b including, without being limited to, revenues and funds the deposit of which is subject to the control or regulation of any state or of any political corporation or subdivisions thereof or of any of their officers, agents, or employees;
(e) to secure deposits of money whenever required by the National Bankruptcy Act;
(f) (blank);
and (g) to secure trust funds commingled with the bank's funds, whether deposited by the bank or an affiliate of the bank, pursuant to Section 2-8 of the Corporate Fiduciary Act.
(8) To own, possess, and carry as assets all or part of the real estate necessary in or with which to do its banking business, either directly or indirectly through the ownership of all or part of the capital stock, shares or interests in any corporation, association, trust engaged in holding any part or parts or all of the bank premises, engaged in such business and in conducting a safe deposit business in the premises or part of them, or engaged in any activity that the bank is permitted to conduct in a subsidiary pursuant to paragraph (12) of this Section 5.
(9) To own, possess, and carry as assets other real estate to which it may obtain title in the collection of its debts or that was formerly used as a part of the bank premises, but title to any real estate except as herein permitted shall not be retained by the bank, either directly or by or through a subsidiary, as permitted by subsection (12) of this Section for a total period of more than 10 years after acquiring title, either directly or indirectly.
(10) To do any act, including the acquisition of stock, necessary to obtain insurance of its deposits, or part thereof, and any act necessary to obtain a guaranty, in whole or in part, of any of its loans or investments by the United SB683 Engrossed -4- LRB093 06478 JLS 06601 b States or any agency thereof, and any act necessary to sell or otherwise dispose of any of its loans or investments to the United States or any agency thereof, and to acquire and hold membership in the Federal Reserve System.
(11) Notwithstanding any other provisions of this Act or any other law, to do any act and to own, possess, and carry as assets property of the character, including stock, that is at the time authorized or permitted to national banks by an Act of Congress, but subject always to the same limitations and restrictions as are applicable to national banks by the pertinent federal law and subject to applicable provisions of the Financial Institutions Insurance Sales Law.
(12) To own, possess, and carry as assets stock of one or more corporations that is, or are, engaged in one or more of the following businesses:
(a) holding title to and administering assets acquired as a result of the collection or liquidating of loans, investments, or discounts;
or (b) holding title to and administering personal property acquired by the bank, directly or indirectly through a subsidiary, for the purpose of leasing to others, provided the lease or leases and the investment of the bank, directly or through a subsidiary, in that personal property otherwise comply with Section 35.1 of this Act;
or (c) carrying on or administering any of the activities excepting the receipt of deposits or the payment of checks or other orders for the payment of money in which a bank may engage in carrying on its general banking business;
provided, however, that nothing contained in this paragraph (c) shall be deemed to permit a bank organized under this Act or subject hereto to do, either directly or indirectly through any subsidiary, any act, including the making of any loan or investment, or SB683 Engrossed -5- LRB093 06478 JLS 06601 b to own, possess, or carry as assets any property that if done by or owned, possessed, or carried by the State bank would be in violation of or prohibited by any provision of this Act.
The provisions of this subsection (12) shall not apply to and shall not be deemed to limit the powers of a State bank with respect to the ownership, possession, and carrying of stock that a State bank is permitted to own, possess, or carry under this Act.
Any bank intending to establish a subsidiary under this subsection (12) shall give written notice to the Commissioner 60 days prior to the subsidiary's commencing of business or, as the case may be, prior to acquiring stock in a corporation that has already commenced business.
After receiving the notice, the Commissioner may waive or reduce the balance of the 60 day notice period.
The Commissioner may specify the form of the notice and may promulgate rules and regulations to administer this subsection (12).
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(13) To accept for payment at a future date not exceeding one year from the date of acceptance, drafts drawn upon it by its customers;
and to issue, advise, or confirm letters of credit authorizing the holders thereof to draw drafts upon it or its correspondents.
(14) To own and lease personal property acquired by the bank at the request of a prospective lessee and upon the agreement of that person to lease the personal property provided that the lease, the agreement with respect thereto, and the amount of the investment of the bank in the property comply with Section 35.1 of this Act.
(15) (a) To establish and maintain, in addition to the main banking premises, branches offering any banking services permitted at the main banking premises of a State bank.
(b) To establish and maintain, after May 31, 1997, SB683 Engrossed -6- LRB093 06478 JLS 06601 b branches in another state that may conduct any activity in that state that is authorized or permitted for any bank that has a banking charter issued by that state, subject to the same limitations and restrictions that are applicable to banks chartered by that state.
(16) (Blank).
(17) To establish and maintain terminals, as authorized by the Electronic Fund Transfer Act.
(18) To establish and maintain temporary service booths at any International Fair held in this State which is approved by the United States Department of Commerce, for the duration of the international fair for the sole purpose of providing a convenient place for foreign trade customers at the fair to exchange their home countries' currency into United States currency or the converse.
This power shall not be construed as establishing a new place or change of location for the bank providing the service booth.
(19) To indemnify its officers, directors, employees, and agents, as authorized for corporations under Section 8.75 of the Business Corporation Act of 1983.
(20) To own, possess, and carry as assets stock of, or be or become a member of, any corporation, mutual company, association, trust, or other entity formed exclusively for the purpose of providing directors' and officers' liability and bankers' blanket bond insurance or reinsurance to and for the benefit of the stockholders, members, or beneficiaries, or their assets or businesses, or their officers, directors, employees, or agents, and not to or for the benefit of any other person or entity or the public generally.
(21) To make debt or equity investments in corporations or projects, whether for profit or not for profit, designed to promote the development of the community and its welfare, provided that the aggregate investment in all of these corporations and in all of these projects does not exceed 10% SB683 Engrossed -7- LRB093 06478 JLS 06601 b of the unimpaired capital and unimpaired surplus of the bank and provided that this limitation shall not apply to creditworthy loans by the bank to those corporations or projects.
Upon written application to the Commissioner, a bank may make an investment that would, when aggregated with all other such investments, exceed 10% of the unimpaired capital and unimpaired surplus of the bank.
The Commissioner may approve the investment if he is of the opinion and finds that the proposed investment will not have a material adverse effect on the safety and soundness of the bank.
(22) To own, possess, and carry as assets the stock of a corporation engaged in the ownership or operation of a travel agency or to operate a travel agency as a part of its business.
(23) With respect to affiliate facilities:
(a) to conduct at affiliate facilities for and on behalf of another commonly owned bank, if so authorized by the other bank, all transactions that the other bank is authorized or permitted to perform;
and (b) to authorize a commonly owned bank to conduct for and on behalf of it any of the transactions it is authorized or permitted to perform at one or more affiliate facilities.
Any bank intending to conduct or to authorize a commonly owned bank to conduct at an affiliate facility any of the transactions specified in this paragraph (23) shall give written notice to the Commissioner at least 30 days before any such transaction is conducted at the affiliate facility.
(24) To act as the agent for any fire, life, or other insurance company authorized by the State of Illinois, by soliciting and selling insurance and collecting premiums on policies issued by such company;
and to receive for services so rendered such fees or commissions as may be agreed upon between the bank and the insurance company for which it may SB683 Engrossed -8- LRB093 06478 JLS 06601 b act as agent;
provided, however, that no such bank shall in any case assume or guarantee the payment of any premium on insurance policies issued through its agency by its principal;
and provided further, that the bank shall not guarantee the truth of any statement made by an assured in filing his application for insurance.
(25) Notwithstanding any other provisions of this Act or any other law, to offer any product or service that is at the time authorized or permitted to any insured savings association or out-of-state bank by applicable law, provided that powers conferred only by this subsection (25):
(a) shall always be subject to the same limitations and restrictions that are applicable to the insured savings association or out-of-state bank for the product or service by such applicable law;
(b) shall be subject to applicable provisions of the Financial Institutions Insurance Sales Law;
(c) shall not include the right to own or conduct a real estate brokerage business for which a license would be required under the laws of this State;
and (d) shall not be construed to include the establishment or maintenance of a branch, nor shall they be construed to limit the establishment or maintenance of a branch pursuant to subsection (11).
Not less than 30 days before engaging in any activity under the authority of this subsection, a bank shall provide written notice to the Commissioner of its intent to engage in the activity.
The notice shall indicate the specific federal or state law, rule, regulation, or interpretation the bank intends to use as authority to engage in the activity.
91-330, eff.
7-29-99;
91-849, eff.
6-22-00;
8-23-01.) Section 10.
8-23-01;
The Limited Liability Company Act is amended by changing Section 1-25 as follows:
92-811, eff.
8-21-02.) (205 ILCS 5/10) (from Ch.
17, par.
317) SB683 Engrossed -9- LRB093 06478 JLS 06601 b Sec.
10.
Permit to organize.
(a) Upon the filing of an application for a permit to organize, the Commissioner shall investigate the truth of the statements therein and shall consider the proposed bank's capital structure, its future earnings prospects, the general character, experience, and qualifications of its proposed management, its proposed plan of operation, and the convenience and needs of the area sought to be served, and notwithstanding the provisions of Section 7 of this Act, the Commissioner shall not approve the application and issue a permit to organize unless he shall be of the opinion and finds:
(1) that the proposed capital at least meets the minimum requirements of this Act determined by the Commissioner pursuant to Section 7 of this Act including additional capital necessitated by the circumstances of the proposed bank including its size, scope of operations and market in which it proposes to operate;
(2) that the future earnings prospects are favorable;
(3) that the general character, experience, and qualifications of its proposed management and its proposed plan of operation are such as to assure reasonable promise of successful, safe and sound operation;
(4) that the name of the proposed bank is not the same as or deceptively similar to a name reserved with the Commissioner's office under Section 9.5 or to the name of any other bank then operating in this State;
a --- (5) that the convenience and needs of the area sought to be served by the proposed bank will be promoted;_____- _________________r______________________e_____________ _i_____________________t______________________a_____________ SB683 Engrossed -10- LRB093 06478 JLS 06601 b _h_____________________y_______________________e____________ _e_____________________e______________________s_____________ _e_____________________4______________________i_____________ _c___ (b) The Commissioner shall revoke the permit to organize and order liquidation of any funds collected in the event that the organizers do not obtain a charter from the Commissioner authorizing the bank to commence business within 6 months from the date of the issuance of the permit, unless a request has been submitted, in writing, to the Commissioner for an extension and the request has been approved.
(c) The Commissioner may impose such terms and conditions, if any, on the issuance of the permit to organize as the Commissioner deems appropriate and necessary for the organization of the bank.
(Source:
P.A.
91-452, eff.
1-1-00;
92-483, eff.
8-23-01.) (205 ILCS 5/13.6 new) _e_____________________i______________________n_____________ _____b_____________________i______________________,_____________ _____l_____________________p______________________h_____________ _____e______________________p_____________________c_____________ ______S_____________________p_____________________m_____________ _____o_____________________i______________________n_____________ _____c_____________________n______________________i_____________ _____n_____________________t_______________________p____________ _____i_____________________a_______________________a____________ _____i______________________b_____________________t_____________ _____i___________________ Section 10.
The Illinois Savings and Loan Act of 1985 is amended by changing Sections 2-4 and 6-1 and adding Section 2-10 as follows:
SB683 Engrossed -11- LRB093 06478 JLS 06601 b (205 ILCS 105/2-4) (from Ch.
17, par.
3302-4) Sec.
2-4.
Commissioner's approval and issuance of permit to organize.
The Commissioner shall not approve the application and issue a permit to organize unless he shall find:
(a) That the proposed capital meets the requirements of this Act;
(b) That the general character of the proposed management is such as to assure reasonable probability of the success of the association;
(c) That insurance of withdrawable capital shall be effective prior to the issuance of a Certificate of Complete Organization;
(d) Any other conditions which the Commissioner in his discretion shall find are necessary to assure that the association shall be operated in a safe and sound manner, including due regard for the need for the association in its community or the area it proposes to serve and the impact on properly conducted existing associations in the same area;
--- (e) That the name of the proposed association is not the same as, or deceptively similar to, the name of any other association in the community or area of operation;
and no such name shall contain the words "guaranty", "Guarantee", "insured", or any other word the meaning of which might imply that the association is insured by the insurance corporation unless in fact such insurance or a commitment to insure has been obtained, and such prohibition shall likewise extend to an association amending its articles of incorporation to change its name;_____- _f_______________________a____________________e_____________ _____l_____________________e______________________t_____________ _____e_____________________h_______________________d____________ _____S______________________s______________________5____________ SB683 Engrossed -12- LRB093 06478 JLS 06601 b _____e_____________________o___________ (Source:
P.A.
84-543.) (205 ILCS 105/2-10 new) _e_____________________n______________________y_____________ _____s_____________________o______________________t_____________ _____n_____________________l______________________a_____________ _______w___________________i______________________,_____________ _____p_____________________s________________________p___________ _____h______________________a______________________a____________ _____l______________________s_____________________i_____________ _____e_____________________y______________________t_____________ _____d_____________________v______________________e_____________ _____n_____________________i_______________________t____________ _____m_____________________o______________________o_____________ ______a______ (205 ILCS 105/6-1) (from Ch.
17, par.
3306-1) Sec.
6-1.
Amendment of articles of incorporation o__ _____t______________.
An association may amend its articles of incorporation,_____________g______________________e_____________ _____n___ from time to time, in accordance with the procedure prescribed in this Article;
but the Articles _____________ _____m____, as amended, shall conform to all legal requirements which pertain to original articles o _____________ _____m_____ adopted at the time of such amendment.
Any number of amendments may be submitted to the members, and voted upon by them, at one meeting.
(Source:
P.A.
84-543.) Section 15.
The Savings Bank Act is amended by changing Sections 3005 and 8001 and adding Section 3008 as follows:
(205 ILCS 205/3005) (from Ch.
17, par.
7303-5) SB683 Engrossed -13- LRB093 06478 JLS 06601 b Sec.
3005.
Permit to organize.
(a) The Commissioner may require additional information and conduct whatever investigation necessary to determine whether to issue a permit to organize, including the subpoenaing of books and records, taking of public testimony, and conducting hearings.
The applicants shall share jointly and severally the expense of the investigations.
(b) The Commissioner must find and declare, based on the record of application and his investigation that:
(1) The proposed management, business plan, and capitalization promise to meet regulatory requirements.
(2) The application information is not in dispute.
(3) The proposed name is not deceptively similar to that of other financial institutions within an area defined by regulation of the Commissioner.
(4) The proposed business plan and capitalization promise to serve the needs of the community and its residents.
_________________o_______________________b____________ _i_____________________t______________________a_____________ _h_____________________y_______________________e____________ _e_____________________e______________________s_____________ _e_____________________4______________________i_____________ _c___ ___ --- Insurance of accounts shall be effective prior to issuance of a charter.
(c) The Commissioner may promulgate rules to implement and administer this Section.
(Source:
P.A.
86-1213.) (205 ILCS 205/3008 new) _e_____________________n______________________t_____________ _____i_____________________r______________________e_____________ _____n_____________________a______________________m_____________ SB683 Engrossed -14- LRB093 06478 JLS 06601 b ______w____________________t_______________________p____________ _____a_____________________h______________________s_____________ _____e_____________________i______________________s_____________ _____l_____________________b______________________i_____________ _____e_______________________A____________________o_____________ _____d_____________________o______________________t_____________ _____n_____________________h______________________h_____________ _____m_____________________s______________________n_____________ ______a______ (205 ILCS 205/8001) (from Ch.
17, par.
7308-1) Sec.
8001.
Amendment of articles and bylaws o ____________ _____m____.
A savings bank may amend its articles of incorporation or bylaws__o_______________________i____________ _____l_____________ in accordance with the procedure set forth in this Article, but those articles and bylaws _____________ _____m____ shall conform to all legal requirements pertaining to savings banks.
No amended article or bylaw _____________ _____m____ shall affect any existing cause of action or pending action to which the savings bank may be a party or existing rights of persons other than the members or stockholders of the savings bank.
Any number of amendments may be submitted and voted upon at any one meeting of the members, stockholders, or board of directors.
(Source:
P.A.
86-1213.) Section 20.
The Limited Liability Company Act is amended by changing Sections 1-25, 5-5, 5-55, 37-5, and 37-35 as follows:
(1) _______ ----i------------------------f----------- -r---------------------u----------------------a------------- -r-----;
SB683 Engrossed -15- LRB093 06478 JLS 06601 b (1) _______ ----i------------------------f----------- -r---------------------p----------------------n------------- -r-----;
-2- LRB093 06478 JLS 06601 b (3) the practice of dentistry unless all the members and managers are licensed as dentists under the Illinois Dental Practice Act;
(3) the practice of dentistry unless all the members and managers are licensed as dentists under the Illinois Dental Practice Act;
7-24-01.) Section 99.
7-24-01.) (805 ILCS 180/5-5) Sec.
5-5.
Articles of organization.
SB683 Engrossed -16- LRB093 06478 JLS 06601 b (a) The articles of organization shall set forth all of the following:
(1) The name of the limited liability company and the address of its principal place of business which may, but need not be a place of business in this State.
(2) The purposes for which the limited liability company is organized, which may be stated to be, or to include, the transaction of any or all lawful businesses for which limited liability companies may be organized under this Act.
(3) The name of its registered agent and the address of its registered office.
(4) If the limited liability company is to be managed by a manager or managers, the names and business addresses of the initial manager or managers.
(5) If management of the limited liability company is to be vested in the members under Section 15-1, then the names and addresses of the initial member or members.
(6) The latest date, if any, upon which the limited liability company is to dissolve and other events of dissolution, if any, that may be agreed upon by the members under Section 35-1 hereof.
(7) The name and address of each organizer.
(8) Any other provision, not inconsistent with law, that the members elect to set out in the articles of organization for the regulation of the internal affairs of the limited liability company, including any provisions that, under this Act, are required or permitted to be set out in the operating agreement of the limited liability company.
(b) A limited liability company is organized at the time articles of organization are filed by the Secretary of State or at any later time, not more than 60 days after the filing of the articles of organization, specified in the articles of SB683 Engrossed -17- LRB093 06478 JLS 06601 b organization.
(c) Articles of organization for the organization of a limited liability company ___________________i_____________ _____g_____________________o______________________z_____________ _____e_____________________y___________________ for the purpose of accepting and executing trusts shall not be filed by the Secretary of State until there is delivered to him or her a statement executed by the Commissioner of the Office of Banks and Real Estate o__________r______________________a_____________ ______s____________________i______________________i____ that the organizers of the limited liability company have made arrangements with the Commissioner of the Office of Banks and Real Estate o______________i_______________________o____________ _____g_____________________n____________________ to comply with the _p_____________________e_______________________t____________ _____t_____________________i______________________i_____________ -----r------------------.
(Source:
P.A.
90-424, eff.
1-1-98.) (805 ILCS 180/5-55) Sec.
5-55.
Filing in Office of Secretary of State.
(a) Whenever any provision of this Act requires a limited liability company to file any document with the Office of the Secretary of State, the requirement means that:
(1) the original document, executed as described in Section 5-45, and, if required by this Act to be filed in duplicate, one copy (which may be a signed carbon or photocopy) shall be delivered to the Office of the Secretary of State;
(2) all fees and charges authorized by law to be collected by the Secretary of State in connection with the filing of the document shall be tendered to the Secretary of State;
and (3) unless the Secretary of State finds that the SB683 Engrossed -18- LRB093 06478 JLS 06601 b document does not conform to law, he or she shall, when all fees have been paid:
(A) endorse on the original and on the copy the word "Filed" and the month, day, and year of the filing thereof;
(B) file in his or her office the original of the document;
and (C) return the copy to the person who filed it or to that person's representative.
(b) If another Section of this Act specifically prescribes a manner of filing or signing a specified document that differs from the corresponding provisions of this Section, then the provisions of the other Section shall govern.
_c_____________________o________________________r___________ _____e_____________________y______________________i_____________ _____g_____________________o______________________n_____________ _____e_______________________o____________________c_____________ _____e_____________________t______________________k_____________ _____e_____________________t______________________o_____________ _____g_____________________n______________________t_____________ _____i______________________m_____________________t_____________ ______a____________________h_______________________r____________ _____b_____________________r______________________o_________ (Source:
P.A.
92-33, eff.
7-1-01.) (805 ILCS 180/37-5) Sec.
37-5.
Definitions.
In this Article:
"Corporation" means:___i__ a corporation under the Business Corporation Act of 1983, a predecessor law, or comparable law of another jurisdiction o___(_____________________o_____________ ______A____________________s______________________i_____________ _____i______.
"General partner" means a partner in a partnership and a SB683 Engrossed -19- LRB093 06478 JLS 06601 b general partner in a limited partnership.
"Limited partner" means a limited partner in a limited partnership.
"Limited partnership" means a limited partnership created under the Revised Uniform Limited Partnership Act, a predecessor law, or comparable law of another jurisdiction.
"Partner" includes a general partner and a limited partner.
"Partnership" means a general partnership under the Uniform Partnership Act, a predecessor law, or comparable law of another jurisdiction.
"Partnership agreement" means an agreement among the partners concerning the partnership or limited partnership.
"Shareholder" means a shareholder in a corporation.
(Source:
P.A.
90-424, eff.
1-1-98.) (805 ILCS 180/37-35) Sec.
37-35.
Article not exclusive.
This Article does not preclude an entity from being converted or merged under other law.
____________________,________________________a___________ ______c____________________s______________________t_____________ _____n_____________________t________________________A___________ ______e____________________s______________________c_____________ _____s_____________________l______________________w_____________ ______a____________________s______________________i_____________ _____g_____________________o______________________h_____________ ______a____________________h_______________________r____________ _____b_____________________r______________________o_________ (Source:
P.A.
90-424, eff.
1-1-98.) Section 99.
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Action History

  1. Session Sine Die

  2. Rule 19(a) / Re-referred to Rules Committee

  3. Committee/3rd Reading Deadline Extended-Rule 9(b); May 31, 2003

  4. Assigned to Executive Committee

  5. Referred to Rules Committee

  6. First Reading

  7. Chief House Sponsor Rep. Ralph C. Capparelli

  8. Arrived in House

  9. Third Reading - Passed; 057-000-000

  10. Third Reading Deadline Extended - Rule 2-10(e) to April 9, 2003.

  11. Placed on Calendar Order of 3rd Reading April 3, 2003

  12. Senate Floor Amendment No. 1 Adopted; Lightford

  13. Recalled to Second Reading

  14. Senate Floor Amendment No. 1 Be Adopted Financial Institutions; 009-000-000

  15. Senate Floor Amendment No. 1 Rules Refers to Financial Institutions

  16. Senate Floor Amendment No. 1 Referred to Rules

  17. Senate Floor Amendment No. 1 Filed with Secretary by Sen. Kimberly A. Lightford

  18. Placed on Calendar Order of 3rd Reading March 26, 2003

  19. Second Reading

  20. Placed on Calendar Order of 2nd Reading March 11, 2003

  21. Do Pass Financial Institutions; 009-000-000

  22. Added as Chief Co-Sponsor Sen. Dan Rutherford

  23. Assigned to Financial Institutions

  24. Referred to Rules

  25. First Reading

  26. Filed with Secretary by Sen. Kimberly A. Lightford

Sponsors

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182 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Votes

Third Reading

Passed 57 Yea · 0 Nay · 2 Other
Party YeaNayPresentNot Voting
Unaffiliated 49002
Democrat 7000
Republican 1000
Total 57002
% of votes cast 97%0%0%3%
How each member voted (59)
Member Party Vote
Sandoval — Yea
Silverstein — Yea
Luechtefeld — Yea
Maloney — Yea
Althoff — Yea
Martinez — Yea
Bomke — Yea
Burzynski — Yea
Geo-Karis — Yea
Haine — Yea
Halvorson — Yea
Munoz — Yea
Lauzen — Not Voting
Link — Yea
Sullivan, D. — Yea
Brady — Yea
Sullivan, J. — Yea
Petka — Yea
Meeks — Yea
Obama — Yea
Jacobs — Yea
Jones, J. — Yea
Jones, W. — Yea
Philip — Not Voting
Watson — Yea
Cullerton — Yea
Schoenberg — Yea
Demuzio — Yea
Shadid — Yea
Sieben — Yea
Trotter — Yea
Viverito — Yea
Clayborne — Yea
Cronin — Yea
Crotty — Yea
DeLeo — Yea
Dillard — Yea
Garrett — Yea
Hendon — Yea
Winkel — Yea
Wojcik — Yea
Woolard — Yea
Peterson — Yea
Radogno — Yea
Rauschenberger — Yea
Righter — Yea
Risinger — Yea
Ronen — Yea
Roskam — Yea
Rutherford — Yea
del Valle — Yea
Don Harmon Democrat Yea
Emanuel "Chris" Welch Democrat Yea
Emil Jones, III Democrat Yea
Kimberly A. Lightford Democrat Yea
Lakesia Collins Democrat Yea
Lawrence "Larry" Walsh, Jr. Democrat Yea
Mattie Hunter Democrat Yea
Dave Syverson Republican Yea

Official roll call →

Subjects

finance
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does SB 683 do?
Amends the Illinois Banking Act and the Limited Liability Company Act. Authorizes banks to organize as limited liability companies. Effective immediately.
Who sponsors SB 683?
SB 683 is sponsored by Kimberly A. Lightford (Democrat).
What is the current status of SB 683?
This bill died with 93rd Regular Session. It reached “Passed Senate” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track SB 683?
Track SB 683 free on One Click Politics — get push/email alerts when it moves.

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Last checked for changes 3 months ago · updated continuously

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