(215 ILCS 5/179E-35)
Sec. 179E-35.
Powers.
(a) An SPRV authorized under this Article shall have the necessary
powers to enter
into contracts and to conduct such other commercial activities as are necessary
to fulfill the
purposes of this Article. Those activities may include, but are not limited
to, entering into
SPRV contracts, issuing securities of the SPRV and complying with the terms
thereof,
entering into trust, swap, and other agreements as may be necessary to
effectuate an
insurance securitization in compliance with the limitations and pursuant to the
authorities
granted to the SPRV under this Article or the plan of operation approved or
deemed
approved by the Director.
(b) An SPRV organized or doing business under this Article shall, by the
name
adopted by the SPRV, in law, be capable of suing or being sued, and may make or
enforce
contracts in relation to the business of the SPRV; may have and use a common
seal, and in
the name of the SPRV or by a trustee chosen by the board of directors, shall,
in law, be
capable of taking, purchasing, holding and disposing of real and personal
property for
carrying into effect the purposes of its organization; and may by its board of
directors,
trustees, officers, or managers, make by-laws and amendments thereto not
inconsistent with
the laws or the constitution of this State or of the United States, which
by-laws shall define
the manner of electing directors, trustees, or managers and officers of the
SPRV, together
with their qualifications and duties and fixing their term of office.
(Source: P.A. 92-124, eff. 7-20-01.)
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