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Illinois Corporate Bylaws Template

Illinois corporate bylaws are a set of rules adopted by a corporation’s board of directors to define its operational structure. The document will state the appointments of the original corporate officers, directors, and committees, as well as the structure and schedule of meetings.
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Laws

  • Annual Meetings – Shareholders’ meetings may be held at a time as provided in the by laws. In the absence of any provision establishing the location, all meetings shall be held at the principal office of the corporation.[1]
  • Corporate Bylaws – Unless the power to make, alter, amend, or repeal the bylaws is reserved to the shareholders by the articles of incorporation, they may be made, altered, amended, or repealed by the shareholders or the board of directors.[2]
  • Issuance of Stock – Each corporation has the power to create and issue the number of shares stated in its articles of incorporation. Such shares may be divided into one or more classes.[3]

Emergency Bylaws

The board of directors can adopt emergency bylaws that will activate if there is a catastrophic emergency that prevents a quorum of the directors from attending a meeting. The provisions will enable the corporation to continue operations while the situation is resolved and become ineffective when the emergency is over.[4]