(805 ILCS 5/8.50) (from Ch. 32, par. 8.50)
Sec. 8.50.
Officers.
A corporation shall have such officers as shall
be provided in the by-laws, each of whom shall be elected by the board
of directors at such time and in such manner as may be prescribed by the
by-laws. Officers and assistant officers and agents as may be
deemed necessary may be elected or appointed by the board of directors
or chosen in such other manner as may be prescribed by the by-laws. If
the by-laws so provide, any two or more offices may be held by the same
person. One officer, in this Act generally referred to as the secretary,
shall have the authority to certify the by-laws, resolutions of the shareholders
and board of directors and committees thereof, and other documents of the
corporation as true and correct copies thereof.
All officers and agents of the corporation, as between themselves and
the corporation, shall have such express authority and perform such duties in
the management of the property and affairs of the corporation as may be
provided in the by-laws, or as may be determined by resolution of the
board of directors not inconsistent with the by-laws and such implied authority
as recognized by the common law from time to time.
(Source: P.A. 83-1025.)
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