ICAB may enter into a merger or consolidation pursuant to Illinois law then in effect.
ICAB may sell, lease, exchange, mortgage, pledge or make other disposition of all or substantially all of ICAB property and assets pursuant to Illinois law then in effect.
ICAB may dissolve and complete its affairs pursuant to Illinois law then in effect. Assets held by ICAB upon condition requiring return, transfer or conveyance, which condition occurs by reason of the dissolution, shall be returned, transferred or conveyed in accordance with such requirements. Assets not held upon a condition requiring return, transfer or conveyance by reason of the dissolution pursuant to the plan of dissolution shall be transferred or conveyed to one or more domestic or foreign corporations, societies or organizations meeting the requirements of Section 501(c)(6) of the United States Internal Revenue Code, as amended then in effect, engaged in activities substantially similar to those of ICAB.
Any Member Organization in good standing or the Board of Regents may initiate a proposal for an amendment to these Bylaws. Such proposal shall be presented in writing and, where such proposal is submitted by a Member Organization, it shall be submitted to the Executive Vice President. If the Board of Regents has established a Bylaws Committee, such proposal then shall be submitted to the Bylaws Committee (unless such proposed amendment was originated by the Bylaws Committee), which shall consider the same and submit its recommendations to the Board of Regents within such time as the Board of Regents may specify. If there is no Bylaws Committee, the Board of Regents shall act directly. Thereafter, the Board of Regents shall adopt a resolution setting forth the proposed amendment and directing that it be submitted to a vote at a meeting of the Member Organizations, which may be either an annual or a special meeting. Written or printed notice setting forth the proposed amendment, or a summary of the changes to be effected thereby, shall be given to each Member Organization entitled to vote within the time and in the manner provided by Illinois law. The proposed amendment shall be adopted upon receiving at least two-thirds of the votes entitled to be cast by the Member Organizations present at such meeting unless a greater number is required by law.
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