HB4273

Illinois HB4273 amends the Business Corporation Act of 1983 to require corporate fiduciaries to offer opportunities to the corporation before taking.

Illinois HB4273 amends the Business Corporation Act of 1983 by adding Section 8.61, which mandates that directors, officers, key employees, or other fiduciaries of a corporation must first offer any corporate opportunity to the corporation before taking it for personal benefit. This rule is subject to any contrary provisions in the corporation's articles of incorporation. If the corporation rejects the opportunity through a disinterested board or shareholder action, the fiduciary may then take advantage of the opportunity. This Act takes effect immediately upon becoming law.