§ 10 — Meetings; access to records

Illinois § 10

• Jurisdiction: Illinois
• Topic: TRANSPORTATION
• Ch. 610: RAILROADS
• Act 610 ILCS 5/: Railroad Incorporation Act.

Text

At the regular annual meeting of the stockholders of any corporation organized under the provisions of this act, it shall be the duty of the president and directors to exhibit a full, distinct and accurate statement of the affairs of the corporation; and at any meeting of the stockholders, a majority of those present (in person or by proxy) may require similar statements from the president and directors, whose duty it shall be to furnish such statements when required. At all general meetings of the stockholders, a majority in value of the stockholders of any such corporation may fix the rates of interest which shall be paid by the corporation for loans for the construction of such railway and its appendages, and the amount of such loans. At any special meeting, by a two-thirds vote in value of all the stock, such stockholders may remove any president, director or other officer of such corporation, and elect others instead of those so removed. All stockholders shall, at all reasonable hours, have access to and may examine all the books, records and papers of such corporation.

Legislative History

(Source: P.A. 88-45.)