Illinois General Assembly - Illinois Compiled Statutes

Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process. Recent laws may not yet be included in the ILCS database, but they are found on this site as Public Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the Guide.

Because the statute database is maintained primarily for legislative drafting purposes, statutory changes are sometimes included in the statute database before they take effect. If the source note at the end of a Section of the statutes includes a Public Act that has not yet taken effect, the version of the law that is currently in effect may have already been removed from the database and you should refer to that Public Act to see the changes made to the current law.

310 ILCS 5/4

(310 ILCS 5/4) (from Ch. 67 1/2, par. 154)

Sec. 4.

Whenever three or more adult persons, citizens of the United States
of America, at least two of whom shall be citizens of this State, shall
desire to form a corporation under this act, on a limited-dividend basis,
they shall sign, acknowledge and verify under oath, before some officer
competent to take acknowledgment of deeds, a statement of incorporation
setting forth the following:

(1) The name of the corporation.

(2) The address, including street and number, if any, of its initial
registered office in this State; and the name of its initial registered
agent at such address.

(3) The period of duration, which may be perpetual.

(4) The name and address, including street and number, if any, of each
incorporator.

(5) The purpose or purposes for which the corporation is organized.

(6) The aggregate number of shares which the corporation shall have
authority to issue; also, if said shares are to consist of one class only,
the par value of each of said shares, or a statement that all of said
shares are without par value; or, if said shares are to be divided into
classes, the number of shares of each class, if any, that are to have a par
value and the par value of each share of each such class, and the number of
shares of each class, if any, that are to be without par value.

(7) If the shares are to be divided into classes, the designation of
each class and a statement of the preferences, qualifications, limitations,
restrictions, and the special or relative rights in respect of the shares
of each class.

(8) If the corporation is to issue the shares of any preferred or
special class in series, then the designation of each series and a
statement of the variations in the relative rights and preferences as
between different series in so far as the same are to be fixed in the
articles of incorporation, and a statement of any authority to be vested in
the board of directors to establish series and fix and determine the
variations in the relative rights and preferences as between series.

(9) The number and class of shares which the corporation proposes to
issue without further report to the Secretary of State, and the
consideration to be received by the corporation therefor, which shall be
not less than $1,000. If shares of more than one class are to be issued,
the consideration for shares of each class shall be separately stated.

(10) The number of directors to be elected at the first meeting of
shareholders.

(11) Any provision which the incorporators may choose to insert limiting
or denying to shareholders the preemptive right to acquire additional
shares, whether then or thereafter authorized, of the corporation.

(12) Any provisions, not inconsistent with law, which the incorporators
may choose to insert, for the regulation of the internal affairs of the
corporation.

(13) An estimate, expressed in dollars, of the value of all the property
to be owned by the corporation for the following year, wherever located,
and an estimate of the value of the property to be located within this
State during such year, and an estimate, expressed in dollars, of the gross
amount of business which will be transacted by it during such year and an
estimate of the gross amount thereof which will be transacted by it at or
from places of business in this State during such year. If all the property
of the corporation is to be located in this State and all of its business
is to be transacted at or from places of business in this State, or if the
incorporators elect to pay the initial franchise tax on the basis of its
entire stated capital and paid-in surplus, then the information required by
this sub-paragraph need not be set forth in the articles of incorporation.

(14) A statement that the corporation will not commence business until
at least $1,000 has been received as consideration for the issuance of
shares.

(15) A provision that no real property of the corporation will be sold,
transferred or assigned except under and pursuant to the provisions of this
act.

Whenever three or more adult persons, citizens of the United States of
America, at least two of whom shall be citizens of this State, shall desire
to form a corporation under this act on a not-for-profit basis, they shall
sign, acknowledge and verify under oath, before some officer competent to
take acknowledgment of deeds, articles of incorporation setting forth the
following:

(1) The name of the corporation.

(2) The purpose or purposes for which the corporation is organized.

(3) The period of duration, which may be perpetual.

(4) The name and address of each incorporator.

(5) The number of directors constituting the first board of directors,
and the name and address of each such director.

(6) The address of its initial registered office in this State, and the
name of its initial registered agent at such address.

(7) Any provision which the incorporators may choose to insert limiting,
enlarging or denying the right of the members or any class or classes of
members, to vote.

(8) Any provisions, not inconsistent with law, which the incorporators
may choose to insert for the regulation of the internal affairs of the
corporation, including any provision for distribution of assets on
dissolution or final liquidation.

(9) A provision that no real property of the corporation shall be sold,
transferred or assigned except under and pursuant to the provisions of this
act.

(Source: P.A. 76-1176.)