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No Need to Pay $125 for Annual Corporate Minutes

CBAI and other corporations, including community banks, occasionally receive a solicitation requesting the completion and submission of a form purportedly relating to the validation and/or recording of annual corporate minutes. The solicitation tells the corporation to include payment of $125 or perhaps some other amount with the returned form. Although the form may include a disclaimer that it is not related to an official government agency, the form prominently mentions and quotes Sections of the Illinois Business Corporation Act as if to lend credence to the request for the completion of the form and submission of payment.

CBAI advises community banks and other corporations in which bank directors or officers might have an interest that the submission of an “annual corporate minutes” form and payment of the requested fee is not related in any way to a mandate under Illinois’ Business Corporation Act or any other law or regulation, and requests for the forms and payment should be disregarded.

If you have any questions regarding this topic, please feel free to contact CBAI General Counsel Jerry Cavanaugh by phone [(800)736-2224 from within Illinois] or by e-mail jerryc@cbai.com.