Illinois 94th Regular Session Status: Enacted

SB 385 — IL BANKING-BOARD VACANCIES

Last action — Public Act . . . . . . . . . 94-0742

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

This bill has been enacted into law. Introduced February 15, 2005. Enacted.

Prognosis

Likely to advance 70% · moderate confidence

Where this bill stands today.

Odds of enactment

High

How often bills like it became law.

  • Enacted

    Current position in the legislative process.

  • 1 sponsor

    0 primary, 1 co-sponsors signed on.

  • Cleared a recorded vote

    Passed 4 recorded votes so far.

Prognosis reads this bill's own signals — stage, sponsorship breadth, committee status, recorded votes and cross-state momentum. Odds come from a model trained on which bills have become law.

Summary

Amends the Illinois Banking Act. Provides that, unless prohibited by (now, if authorized by) the bank's by-laws, the directors of a State bank may properly fill a vacancy arising between shareholders' meetings by appointment. Provides that any director appointed to fill a vacancy arising between shareholders' meetings shall serve until the next meeting of shareholders at which directors are elected.

Bill Text

What changed in the latest version

20 added · 133 removed

Plain-language change summary

The latest version of SB 385 modifies the regulations regarding the transfer and affixing of decals related to coin-operated amusement devices and redemption machines. Now, these decals can be transferred from one device to another, which must be reported to the Department of Revenue. Additionally, it clarifies how decals should be securely attached to devices, allowing for more flexibility in their placement. These changes aim to streamline the tax decal process and ensure proper oversight of the devices, which ultimately helps maintain tax compliance and accountability.

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SB0385 Engrossed LRB094 09661 MKM 39916 b AN ACT concerning regulation.
SB0385 Enrolled LRB094 09661 MKM 39916 b AN ACT concerning regulation.
The Illinois Banking Act is amended by changing Section 16 as follows:
The Coin-Operated Amusement Device and Redemption Machine Tax Act is amended by changing Section 3 as follows:
(205 ILCS 5/16) (from Ch.
(35 ILCS 510/3) (from Ch.
17, par.
120, par.
323) Sec.
481b.3) Sec.
16.
3.
Directors.
Transfer of decals;
The business and affairs of a State bank shall be managed by its board of directors that shall exercise its powers as follows:
affixing decals.
(1) Directors shall be elected as provided in this Act.
(1) All privilege tax decals herein provided for shall be transferable from one device to another device.
Any omission to elect a director or directors shall not impair any of the rights and privileges of the bank or of any person in any way interested.
Any such transfer from one device to another shall be reported to the Department of Revenue on forms prescribed by such Department.
The existing directors shall hold office until their successors are elected and qualify.
All privilege tax decals issued hereunder shall expire on July 31 following issuance.
(2) (a) Notwithstanding the provisions of any charter heretofore or hereafter issued, the number of directors, not fewer than 5 nor more than 25, may be fixed from time to time by the stockholders at any meeting of the stockholders called for the purpose of electing directors or changing the number thereof by the affirmative vote of at least two-thirds of the outstanding stock entitled to vote at the meeting, and the number so fixed shall be the board regardless of vacancies until the number of directors is thereafter changed by similar action.
(2) All privilege tax decals must be securely affixed to the device.
(b) Notwithstanding the minimum number of directors specified in paragraph (a) of this subsection, a State bank that has been in existence for 10 years or more and has less than $20,000,000 in assets, as of the December 31 immediately preceding the annual meeting of shareholders at which directors are elected, may, subject to the approval of the Commissioner, have a minimum of 3 directors;
A decal that is attached to a device behind a transparent plate or covering that is screwed, bolted, or otherwise securely fastened to the device is deemed to be securely affixed for the purposes of this Section (Blank).
provided that if a State bank has fewer than 5 SB0385 Engrossed - 2 - LRB094 09661 MKM 39916 b directors, at least one director shall not be an officer or employee of the bank.
The Commissioner shall annually review the appropriateness of the grant of authority to have a reduced minimum number of directors pursuant to this paragraph (b).
(3) Except as otherwise provided in this paragraph (3), directors shall hold office until the next annual meeting of the stockholders succeeding their election or until their successors are elected and qualify.
If the board of directors consists of 6 or more members, in lieu of electing the membership of the whole board of directors annually, the charter or by-laws of a State bank may provide that the directors shall be divided into either 2 or 3 classes, each class to be as nearly equal in number as is possible.
The term of office of directors of the first class shall expire at the first annual meeting of the stockholders after their election, that of the second class shall expire at the second annual meeting after their election, and that of the third class, if any, shall expire at the third annual meeting after their election.
At each annual meeting after classification, the number of directors equal to the number of the class whose terms expire at the time of the meeting shall be elected to hold office until the second succeeding annual meeting, if there be 2 classes, or until the third succeeding annual meeting, if there be 3 classes.
Vacancies may be filled by stockholders at a special meeting called for the purpose.
Unless prohibited If authorized by the bank’s by-laws or an amendment thereto, the directors of a State bank may properly fill a vacancy or vacancies arising between shareholders’ meetings by appointment, but at no time may the number of directors appointed selected to fill a vacancy in this manner during any interim period between shareholders’ meetings exceed 33 1/3% of the total membership of the board of directors.
Any director appointed to fill a vacancy arising between shareholders’ meetings shall serve until the next meeting of shareholders at which directors are elected.
SB0385 Engrossed - 3 - LRB094 09661 MKM 39916 b (4) The board of directors shall hold regular meetings at least once each month, provided that, upon prior written approval by the Commissioner, the board of directors may hold regular meetings less frequently than once each month but at least once each calendar quarter.
A special meeting of the board of directors may be held as provided by the by-laws.
A special meeting of the board of directors may also be held upon call by the Commissioner or a bank examiner appointed under the provisions of this Act upon not less than 12 hours notice of the meeting by personal service of the notice or by mailing the notice to each of the directors at his residence as shown by the books of the bank.
A majority of the board of directors shall constitute a quorum for the transaction of business unless a greater number is required by the charter or the by-laws.
The act of the majority of the directors present at a meeting at which a quorum is present shall be the act of the board of directors unless the act of a greater number is required by the charter or by the by-laws.
(5) A member of the board of directors shall be elected president.
The board of directors may appoint other officers, as the by-laws may provide, and fix their salaries to carry on the business of the bank.
The board of directors may make and amend by-laws (not inconsistent with this Act) for the government of the bank and may, by the affirmative vote of a majority of the board of directors, establish reasonable compensation of all directors for services to the corporation as directors, officers, or otherwise.
An officer, whether elected or appointed by the board of directors or appointed pursuant to the by-laws, may be removed by the board of directors at any time.
(6) The board of directors shall cause suitable books and records of all the bank’s transactions to be kept.
(7) (a) In discharging the duties of their respective positions, the board of directors, committees of the board, and individual directors may, in considering the best long term and short term interests of the bank, consider the SB0385 Engrossed - 4 - LRB094 09661 MKM 39916 b effects of any action (including, without limitation, action that may involve or relate to a merger or potential merger or to a change or potential change in control of the bank) upon employees, depositors, suppliers, and customers of the corporation or its subsidiaries, communities in which the main banking premises, branches, offices, or other establishments of the bank or its subsidiaries are located, and all pertinent factors.
(b) In discharging the duties of their respective positions, the board of directors, committees of the board, and individual directors shall be entitled to rely on advice, information, opinions, reports or statements, including financial statements and financial data, prepared or presented by:
(i) one or more officers or employees of the bank whom the director believes to be reliable and competent in the matter presented;
(ii) one or more counsels, accountants, or other consultants as to matters that the director believes to be within that person’s professional or expert competence;
or (iii) a committee of the board upon which the director does not serve, as to matters within that committee’s designated authority;
provided that the director’s reliance under this paragraph (b) is placed in good faith, after reasonable inquiry if the need for such inquiry is apparent under the circumstances and without knowledge that would cause such reliance to be unreasonable.
91-452, eff.
93-32, eff.
1-1-00;
7-1-03.) Section 99.
Show all 42 changed rows (2 more)
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92-476, eff.
Effective date.
8-23-01.)
This Act takes effect upon becoming law.
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Action History

  1. Public Act . . . . . . . . . 94-0742

  2. Effective Date May 8, 2006

  3. Governor Approved

  4. Sent to the Governor

  5. Passed Both Houses

  6. House Floor Amendment No. 2 Senate Concurs 057-000-000

  7. House Floor Amendment No. 1 Senate Concurs 057-000-000

  8. Added as Chief Co-Sponsor Sen. John O. Jones

  9. House Floor Amendment No. 2 Motion To Concur Recommended Do Adopt Financial Institutions; 008-000-000

  10. House Floor Amendment No. 1 Motion To Concur Recommended Do Adopt Financial Institutions; 008-000-000

  11. House Floor Amendment No. 2 Motion to Concur Rules Referred to Financial Institutions

  12. House Floor Amendment No. 1 Motion to Concur Rules Referred to Financial Institutions

  13. House Floor Amendment No. 2 Motion to Concur Referred to Rules

  14. House Floor Amendment No. 2 Motion to Concur Filed with Secretary Sen. Terry Link

  15. House Floor Amendment No. 1 Motion to Concur Referred to Rules

  16. House Floor Amendment No. 1 Motion to Concur Filed with Secretary Sen. Terry Link

  17. Placed on Calendar Order of Concurrence House Amendment(s) 01,02-April 4, 2006

  18. Secretary's Desk - Concurrence House Amendment(s) 01,02

  19. House Floor Amendment No. 3 Tabled Pursuant to Rule 40(a)

  20. Third Reading - Short Debate - Passed 114-000-000

  21. Placed on Calendar Order of 3rd Reading - Short Debate

  22. House Floor Amendment No. 2 Adopted by Voice Vote

  23. House Floor Amendment No. 1 Adopted by Voice Vote

  24. Second Reading - Short Debate

  25. House Floor Amendment No. 3 Referred to Rules Committee

  26. House Floor Amendment No. 3 Filed with Clerk by Rep. Robert S. Molaro

  27. House Floor Amendment No. 2 Recommends Be Adopted Rules Committee; 005-000-000

  28. House Floor Amendment No. 1 Recommends Be Adopted Rules Committee; 005-000-000

  29. Added Alternate Chief Co-Sponsor Rep. Joseph M. Lyons

  30. Alternate Chief Sponsor Changed to Rep. Robert S. Molaro

  31. House Floor Amendment No. 2 Referred to Rules Committee

  32. House Floor Amendment No. 2 Filed with Clerk by Rep. Robert S. Molaro

  33. House Floor Amendment No. 1 Referred to Rules Committee

  34. House Floor Amendment No. 1 Filed with Clerk by Rep. Robert S. Molaro

  35. Placed on Calendar 2nd Reading - Short Debate

  36. Approved for Consideration Rules Committee; 003-001-000

  37. Final Action Deadline Extended-9(b) April 7, 2006

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

  39. Held on Calendar Order of Second Reading - Short Debate

  40. Second Reading - Short Debate

  41. Final Action Deadline Extended-9(b) May 31, 2005

  42. Placed on Calendar 2nd Reading - Short Debate

  43. Do Pass / Short Debate Financial Institutions Committee; 021-000-000

  44. Added Alternate Chief Co-Sponsor Rep. Kurt M. Granberg

  45. Assigned to Financial Institutions Committee

  46. Referred to Rules Committee

  47. First Reading

  48. Chief House Sponsor Rep. Joseph M. Lyons

  49. Placed on Calendar Order of First Reading

  50. Arrived in House

  51. Third Reading - Passed; 055-000-000

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

  53. Placed on Calendar Order of 3rd Reading March 2, 2005

  54. Second Reading

  55. Added as Chief Co-Sponsor Sen. Arthur J. Wilhelmi

  56. Placed on Calendar Order of 2nd Reading March 1, 2005

  57. Do Pass Financial Institutions; 006-000-000

  58. Assigned to Financial Institutions

  59. Referred to Rules

  60. First Reading

  61. Filed with Secretary by Sen. Terry Link

Sponsors

  • Terry Link · Cosponsor

Sponsorship breakdown

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0 sponsors · 1 co-sponsors · 182 not signed on

Sponsors (0)

None.

Co-sponsors (1)

  • Terry Link

Not signed on (182)

182 members have not signed on to this bill.

Show all 182 →

"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

Concurrence, Amendment 1

Passed 57 Yea · 0 Nay · 2 Other
Party YeaNayPresentNot Voting
Unaffiliated 51002
Democrat 5000
Republican 1000
Total 57002
% of votes cast 97%0%0%3%
How each member voted (59)
Member Party Vote
Sandoval — Yea
Luechtefeld — Yea
Althoff — Yea
Martinez — Yea
Axley — Yea
Bomke — Yea
Burzynski — Yea
Halvorson — Yea
Lauzen — Yea
Link — Yea
Maloney — Yea
Meeks — Yea
Millner — Yea
Brady — Yea
Munoz — Yea
Peterson — Yea
Schoenberg — Yea
Shadid — Yea
Sullivan — Yea
Sieben — Yea
Petka — Yea
Silverstein — Yea
Jacobs — Yea
Trotter — Yea
Cullerton — Yea
Watson — Yea
Jones, W. — Yea
Viverito — Yea
Wilhelmi — Yea
Demuzio — Yea
Winkel — Yea
Jones, J. — Not Voting
Clayborne — Yea
Cronin — Yea
Crotty — Yea
Dahl — Yea
DeLeo — Yea
Dillard — Yea
Forby — Yea
Garrett — Yea
Geo-Karis — Yea
Haine — Yea
Hendon — Yea
Pankau — Yea
Radogno — Yea
Raoul — Yea
Rauschenberger — Not Voting
Righter — Yea
Risinger — Yea
Ronen — Yea
Roskam — Yea
Rutherford — Yea
del Valle — Yea
Don Harmon Democrat Yea
Emil Jones, III Democrat Yea
Kimberly A. Lightford Democrat Yea
Lakesia Collins Democrat Yea
Mattie Hunter Democrat Yea
Dave Syverson Republican Yea

Official roll call →

Concurrence, Amendment 2

Passed 57 Yea · 0 Nay · 2 Other
Party YeaNayPresentNot Voting
Unaffiliated 51002
Democrat 5000
Republican 1000
Total 57002
% of votes cast 97%0%0%3%
How each member voted (59)
Member Party Vote
Sandoval — Yea
Luechtefeld — Yea
Althoff — Yea
Axley — Yea
Bomke — Yea
Burzynski — Yea
Geo-Karis — Yea
Halvorson — Yea
Lauzen — Yea
Link — Yea
Maloney — Yea
Martinez — Yea
Meeks — Yea
Millner — Yea
Brady — Yea
Munoz — Yea
Peterson — Yea
Schoenberg — Yea
Shadid — Yea
Sullivan — Yea
Sieben — Yea
Petka — Yea
Silverstein — Yea
Jacobs — Yea
Trotter — Yea
Cullerton — Yea
Watson — Yea
Jones, W. — Yea
Viverito — Yea
Wilhelmi — Yea
Demuzio — Yea
Winkel — Yea
Jones, J. — Not Voting
Clayborne — Yea
Cronin — Yea
Crotty — Yea
Dahl — Yea
DeLeo — Yea
Dillard — Yea
Forby — Yea
Garrett — Yea
Haine — Yea
Hendon — Yea
Pankau — Yea
Radogno — Yea
Raoul — Yea
Rauschenberger — Not Voting
Righter — Yea
Risinger — Yea
Ronen — Yea
Roskam — Yea
Rutherford — Yea
del Valle — Yea
Don Harmon Democrat Yea
Emil Jones, III Democrat Yea
Kimberly A. Lightford Democrat Yea
Lakesia Collins Democrat Yea
Mattie Hunter Democrat Yea
Dave Syverson Republican Yea

Official roll call →

Third Reading

Passed 114 Yea · 0 Nay · 4 Other
Party YeaNayPresentNot Voting
Unaffiliated 102004
Democrat 9000
Republican 3000
Total 114004
% of votes cast 97%0%0%3%
How each member voted (118)
Member Party Vote
Sacia — Yea
Saviano — Yea
Schmitz — Yea
Schock — Yea
Scully — Yea
Sommer — Yea
Soto — Yea
Lang — Yea
Leitch — Not Voting
Lindner — Yea
Acevedo — Yea
Bassi — Yea
Mathias — Yea
Beaubien — Yea
Beiser — Yea
Bellock — Yea
Berrios — Yea
Biggins — Yea
Mautino — Yea
Black — Yea
Boland — Yea
May — Yea
Bost — Yea
Brauer — Yea
Brosnahan — Yea
Churchill — Yea
Colvin — Yea
Coulson — Yea
Mulligan — Yea
Golar — Yea
Granberg — Yea
Nekritz — Yea
Jakobsson — Yea
Jefferson — Yea
Jenisch — Yea
Krause — Yea
McAuliffe — Yea
Reitz — Yea
Lyons, Joseph — Yea
Dugan — Yea
Dunkin — Yea
Dunn — Yea
Durkin — Yea
Eddy — Yea
Flider — Yea
Flowers — Yea
Franks — Yea
McCarthy — Yea
McKeon — Yea
McGuire — Yea
Mendoza — Yea
Bradley, John — Yea
Meyer — Yea
Bradley, Richard — Yea
Moffitt — Yea
Brady — Yea
Molaro — Yea
Munson — Yea
Myers — Yea
Osmond — Yea
Mitchell, Bill — Yea
Burke — Yea
Mitchell, Jerry — Yea
Phelps — Yea
Pihos — Yea
Sullivan — Yea
Hannig — Yea
Tenhouse — Yea
Tryon — Yea
Turner — Yea
Verschoore — Yea
Wait — Yea
Washington — Yea
Howard — Yea
Winters — Yea
Yarbrough — Yea
Younge — Yea
Watson — Yea
Davis, Monique — Yea
Chavez — Yea
Cross — Yea
Cultra — Yea
Currie — Yea
D'Amico — Yea
Daniels — Yea
Fritchey — Yea
Froehlich — Yea
Giles — Yea
Gordon — Yea
Graham — Yea
Hamos — Yea
Hassert — Yea
Holbrook — Yea
Hultgren — Yea
Jones — Not Voting
Madigan — Not Voting
Kosel — Yea
Osterman — Yea
Parke — Yea
Patterson — Not Voting
Poe — Yea
Pritchard — Yea
Ramey — Yea
Reis — Yea
Ryg — Yea
Chapa LaVia — Yea
Eva-Dina Delgado Democrat Yea
Jay Hoffman Democrat Yea
Lakesia Collins Democrat Yea
Michael J. Kelly Democrat Yea
Nicholas K. Smith Democrat Yea
Patrick J. Joyce Democrat Yea
Robert "Bob" Rita Democrat Yea
Sara Feigenholtz Democrat Yea
William "Will" Davis Democrat Yea
Brad Stephens Republican Yea
Chapin Rose Republican Yea
Chris Miller Republican Yea

Official roll call →

Third Reading

Passed 55 Yea · 0 Nay · 4 Other
Party YeaNayPresentNot Voting
Unaffiliated 49004
Democrat 5000
Republican 1000
Total 55004
% of votes cast 93%0%0%7%
How each member voted (59)
Member Party Vote
Sandoval — Yea
Shadid — Yea
Silverstein — Yea
Link — Yea
Althoff — Yea
Martinez — Yea
Bomke — Yea
Burzynski — Yea
Forby — Yea
Halvorson — Yea
Meeks — Yea
Schoenberg — Yea
Garrett — Yea
Geo-Karis — Yea
Munoz — Yea
Lauzen — Yea
Brady — Yea
Luechtefeld — Yea
Sullivan, D. — Yea
Maloney — Yea
Peterson — Yea
Jacobs — Yea
Radogno — Yea
Jones, J. — Yea
Cullerton — Yea
Watson — Yea
Jones, W. — Yea
Demuzio — Yea
Sieben — Yea
Sullivan, J. — Not Voting
Petka — Not Voting
Trotter — Yea
Viverito — Yea
Wilhelmi — Yea
Winkel — Yea
Wojcik — Yea
Clayborne — Yea
Cronin — Yea
Crotty — Yea
Dahl — Yea
DeLeo — Yea
Dillard — Yea
Haine — Yea
Hendon — Yea
Pankau — Yea
Raoul — Yea
Rauschenberger — Not Voting
Righter — Yea
Risinger — Yea
Ronen — Yea
Roskam — Not Voting
Rutherford — Yea
del Valle — Yea
Don Harmon Democrat Yea
Emil Jones, III Democrat Yea
Kimberly A. Lightford Democrat Yea
Lakesia Collins Democrat Yea
Mattie Hunter Democrat Yea
Dave Syverson Republican Yea

Official roll call →

Subjects

finance
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Frequently asked questions

What does SB 385 do?
Amends the Illinois Banking Act. Provides that, unless prohibited by (now, if authorized by) the bank's by-laws, the directors of a State bank may properly fill a vacancy arising between shareholders' meetings by appointment. Provides that any director appointed to fill a vacancy arising between shareholders' meetings shall serve until the next meeting of shareholders at which directors are elected.
Who sponsors SB 385?
SB 385 is sponsored by Terry Link.
What is the current status of SB 385?
This bill has been enacted into law. Introduced February 15, 2005. Enacted.
Where can I track SB 385?
Track SB 385 free on One Click Politics — get push/email alerts when it moves.

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