SB1466

SB1466 amends the Business Corporation Act of 1983 to allow corporations to limit or eliminate cumulative voting rights.

SB1466 amends the Business Corporation Act of 1983 by modifying Section 7.40, which governs the voting of shares. The bill allows corporations to limit or eliminate cumulative voting rights in all or specified circumstances, or to limit or deny voting rights or provide special voting rights for any class or series of shares. This change applies to corporations incorporated after December 31, 1981, and allows them to amend their articles of incorporation to implement these voting rights changes.