SPRINGFIELD, Ill. — Illinois Governor Rod Blagojevich has recently signed three Illinois Credit Union League-initiated legislative measures into law.
H.B. 352 would amend the state law to give each natural person member one vote despite the number of shares, in person or by proxy, the person has, in director elections. The bill passed the Illinois State House unanimously and by a vote of 54-1 in the Senate. It was signed into law Aug. 10.
A separate bill, H.B. 623, would exempt credit unions investing for an employee benefit plan obligation from the investment limitations of the state law for the term of the plan. The law was signed Aug. 13 and is effective immediately.
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