Annual Meeting Daily Update - Tuesday, May 19
The second day of the Annual Meeting included the conclusion of the High Volume Civil Adjudication session, as well as sessions on the Restatements of Corporate Governance and Property. Additionally, the Institute presented its Distinguished Service award and honored its new life members.
The second day of the Annual Meeting began with a continuation of the High-Volume Civil Adjudication session, focusing on Chapter 5 on Hearings and Chapter 7 on Entry and Enforcement of Judgments. Reporter David Freeman Engstrom and Associate Reporter David Marcus rejoined Council member Goodwin Liu to continue the discussion on Tentative Draft No. 1.
Actions Taken*
The membership voted to approve Chapter 5 of Tentative Draft No. 1. Chapters 3 and 4 were approved by membership at the conclusion of yesterday’s session. There was insufficient time to complete the discussion of Chapter 7.
The next project session was Corporate Governance. Council member Judith A. Miller joined Reporter Edward B. Rock and Associate Reporters Elisabeth de Fontenay and Marcel Kahan in the presentation of Tentative Draft No. 3. The draft contains two definitions from Chapter 1, as well as Sections from Chapter 3 on Corporate Structure: Functions and Powers of Directors, Officers, and Shareholders; Chapter 4 on Duty of Care and the Business Judgment Rule, and Chapter 5 on Duty of Loyalty.
Actions Taken*
The membership voted to approve all Sections except § 4.05 of Tentative Draft No. 1, which will be revised and brought back to the membership at a future Annual Meeting.
Today’s luncheon honoring New Life (Class of 2001) and New 50-Year members (Class of 1976) featured the presentation of the 2001 Class Gift and remarks by ALI President Designate Wallace B. Jefferson.
The Distinguished Service Award was presented to Raymond J. Lohier Jr. by Gerard E. Lynch, both of the U.S. Court of Appeals for the Second Circuit. Learn more about Lohier and the award here.
Tuesday's final project session was Property. Council member Carolyn B. Kuhl joined Reporter Henry E. Smith and Associate Reporters Yun-chien Chang, R. Wilson Freyermuth, and Thomas W. Merrill to present Tentative Draft No. 7, which contains material from three areas: Concurrent Ownership, Leasing, and Mortgages on Real Property.
Actions Taken*
The membership voted to approve the draft.
*All approvals by membership at the Annual Meeting are subject to the discussion at the Meeting and usual editorial prerogative.