(805 ILCS 105/103.10) (from Ch. 32, par. 103.10)
Sec. 103.10.
General powers.
Each corporation shall
have power:
(a) To have perpetual succession by its corporate name
unless a limited period of duration is stated in its
articles of incorporation;
(b) To sue and be sued, complain and defend, in its
corporate name, and shall have standing to sue when one or more of
its members would otherwise have standing to sue in his or her own right,
providing the interests it seeks to protect are germane to the corporation's
purposes, and neither the claim asserted nor the relief requested requires the
participation of individual members in the lawsuit;
(c) To have a corporate seal which may be altered at
pleasure, and to use the same by causing it, or a facsimile
thereof, to be impressed or affixed or in any other manner
reproduced, provided that the affixing of a corporate seal
to an instrument shall not give the instrument additional
force or effect, or change the construction thereof, and the
use of a corporate seal is not mandatory;
(d) To purchase, take, receive, lease as lessee, take by
gift, devise, or bequest, or otherwise acquire, and to own,
hold, hold as trustee, use, and otherwise deal in and with
any real or personal property, or any interest therein,
situated in or out of this State;
(e) To sell and convey, mortgage, pledge, lease as lessor,
and otherwise dispose of all or any part of its property and
assets;
(f) To lend money to its officers, employees and agents except as
limited by Section 108.80 of this Act;
(g) To purchase, take, receive, subscribe for, or otherwise
acquire, own, hold, vote, use, employ, sell, mortgage, loan,
pledge, or otherwise dispose of, and otherwise use and deal
in and with, shares or other interests in, or obligations
of, other domestic or foreign corporations, whether for
profit or not for profit, associations, partnerships or
individuals;
(h) To incur liabilities, to borrow money for its corporate
purposes at such rates of interest as the corporation may
determine without regard to the restrictions of any usury
law of this State, to issue its notes, bonds and other
obligations; to secure any of its obligations by mortgage,
pledge, or deed of trust of all or any of its property,
franchises, and income; and to make contracts, including
contracts of guaranty and suretyship;
(i) To invest its funds from time to time and to lend money
for its corporate purposes, and to take and hold real and
personal property as security for the payment of funds so
invested or loaned;
(j) To conduct its affairs, carry on its operations, and
have offices within and without this State and to exercise
in any other state, territory, district, or possession of
the United States, or in any foreign country, the powers
granted by this Act;
(k) To elect or appoint officers and agents of the
corporation, and define their duties and fix their
compensations;
(l) To make and alter bylaws, not inconsistent with its
articles of incorporation or with the laws of this State,
except as provided in Section 102.30 of this Act, for the
administration and regulation of the affairs of the
corporation;
(m) To make donations in furtherance of any of its
purposes; to lend money to the State or Federal government;
and to conduct any lawful affairs in aid of the United
States;
(n) To cease its corporate activities and surrender its
corporate franchise;
(o) To establish deferred compensation plans, pension
plans, and other incentive plans for its directors, officers
and employees and to make the payments provided for therein;
(p) To indemnify its directors, officers, employees or
agents in accordance with and to the extent permitted by
Section 108.75 of this Act and other applicable provisions
of law;
(q) To be a promoter, partner, member, associate or manager
of any partnership, joint venture or other enterprise; and
(r) To have and exercise all powers necessary or convenient
to effect any or all of the purposes for which the
corporation is formed.
(Source: P.A. 90-203, eff. 7-24-97.)
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