(215 ILCS 5/441) (from Ch. 73, par. 1053)
Sec. 441.
General
corporate powers.
(1) In order to carry out the purpose for which it is organized, each
company under the laws of the State and subject to the provisions of this
Code shall have
(a) perpetual succession by its corporate name unless a limited period
of duration is stated in its articles of incorporation;
(b) power in its corporate name to sue and be sued, to contract and be
contracted with, to own, hold, sell, convey, mortgage, pledge, lease and
otherwise dispose of real and personal property;
(c) power to adopt by-laws not in conflict with the provisions of this
Code, and to adopt and use a seal and to alter the same at pleasure;
(d) power to make donations in reasonable amounts for the public welfare
or for charitable, scientific, religious or educational purposes;
(e) such other powers as shall be needful to accomplish the purposes of
its organization.
(2) Such power shall be exercised subject to the provisions and
restrictions of this Code and other laws of this State.
(3) No conveyance or transfer by or to any company of property, real or
personal, of any kind or description, shall be invalid or fail because in
making such conveyance or transfer or in acquiring such property, real or
personal, the company, its board of directors, trustees or other governing
body, or any of its officers, acting within the scope of the actual or
apparent authority given to them by its board of directors, trustees or
other governing body, have in so doing exceeded any of the purposes or
powers of the company.
(Source: Laws 1959, p. 151.)
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