(70 ILCS 405/26a.5) (from Ch. 5, par. 131a-5)
Sec. 26a.5.
Upon the issuance, by the Secretary of State, of a certificate
of organization to the new districts, property and things in action
belonging to the original district shall become the property of the new
districts in accordance with the plan of distribution approved by the
Department. The liabilities of the divided district shall be assumed by the
new districts also in accordance with the plan approved by the Department.
All contracts theretofore entered into, to which the divided district was a
party shall remain in force for the period provided in them. The new
district to which they are allotted by the Department shall be substituted
for the original district as party to such contracts and shall have the
same right and liability to perform, to require performance, to sue and be
sued thereon, and to modify or terminate such contracts by mutual consent
or otherwise, as original district had. Any indebtedness, claim, demand or
right owning or belonging to the original district shall vest in and become
due to the new district to which it is allotted, which may demand, sue for,
recover and enforce the same in its own name. Upon a division of a
district, all land-use regulations theretofore adopted and in force and
effect within the district shall remain in force and effect in each of the
new districts until repealed, amended, supplemented or superseded by action
of the new district.
(Source: Laws 1959, p. 2249.)
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