BUSINESS CORP ACT-FAIR VALUE House SponsorsRep. Terry R. Parke Senate Sponsors(Sen. Don Harmon-Arthur J. Wilhelmi) 6/20/2006HousePublic Act . . . . . . . . . 94-0889 805 ILCS 5/6.15from Ch. 32, par. 6.15805 ILCS 5/8.75from Ch. 32, par. 8.75805 ILCS 5/11.70from Ch. 32, par. 11.70805 ILCS 5/12.56805 ILCS 180/15-5805 ILCS 180/15-6 new Amends the Business Corporation Act of 1983. Requires that fair value (instead of just value) be paid for a fractional share that is paid in cash. Defines "fair value". Provides that, in the list of those who can make a determination for purposes of indemnification of a present or former director, officer, employee or agent in a particular case, the determination shall be by a committee of the directors who are not parties to such action, suit, or proceeding, even though less than a quorum, designated by a majority vote of the directors (instead of a committee of directors designated by a majority vote of the directors). Amends the Limited Liability Company Act. Provides that the operating agreement may not contain any provision inconsistent with the voting provisions in the listed Section. Limits situations in which a person may vote to ratify or approve matters.House Amendment No. 1 Deletes reference to:805 ILCS 180/15-5805 ILCS 180/15-6 newReplaces everything after the enacting clause. Reinserts the provisions of the original bill. In the Limited Liability Company Act, removes the language that limits situations in which a person may vote to ratify or approve matters. 1/26/2006HouseFiled with the Clerk by Rep. Terry R. Parke 1/26/2006HouseFirst Reading 1/26/2006HouseReferred to Rules Committee 2/7/2006HouseAssigned to Consumer Protection Committee 2/14/2006HouseHouse Amendment No. 1 Filed with Clerk by Consumer Protection Committee 2/14/2006HouseHouse Amendment No. 1 Adopted in Consumer Protection Committee; by Voice Vote 2/14/2006HouseDo Pass as Amended / Short Debate Consumer Protection Committee; 013-000-000 2/14/2006HousePlaced on Calendar 2nd Reading - Short Debate 2/16/2006HouseSecond Reading - Short Debate 2/16/2006HousePlaced on Calendar Order of 3rd Reading - Short Debate 2/21/2006HouseThird Reading - Short Debate - Passed 112-001-000 2/22/2006SenateArrive in Senate 2/22/2006SenatePlaced on Calendar Order of First Reading February 23, 2006 2/22/2006SenateChief Senate Sponsor Sen. Don Harmon 2/23/2006SenateFirst Reading 2/23/2006SenateReferred to Rules 3/15/2006SenateAssigned to Judiciary 3/16/2006SenateAdded as Alternate Chief Co-Sponsor Sen. Arthur J. Wilhelmi 3/24/2006SenateDo Pass Judiciary; 009-000-000 3/24/2006SenatePlaced on Calendar Order of 2nd Reading March 27, 2006 3/27/2006SenateSecond Reading 3/27/2006SenatePlaced on Calendar Order of 3rd Reading March 28, 2006 3/28/2006SenateThird Reading - Passed; 057-000-000 3/28/2006HousePassed Both Houses 4/26/2006HouseSent to the Governor 6/20/2006HouseGovernor Approved 6/20/2006HouseEffective Date January 1, 2007 6/20/2006HousePublic Act . . . . . . . . . 94-0889