765 ILCS 1010/ Electricity and Gas Joint Ownership Act.

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PROPERTY
(765 ILCS 1010/) Electricity and Gas Joint Ownership Act.

765 ILCS 1010/0.01

(765 ILCS 1010/0.01) (from Ch. 76, par. 10)

Sec. 0.01.

Short title.

This Act may be cited as the

Electricity and Gas Joint Ownership Act.

(Source: P.A. 86-1324.)

765 ILCS 1010/1

(765 ILCS 1010/1) (from Ch. 76, par. 11)

Sec. 1.

As used in this Act:

(a) "property" means real and personal
property or any interest therein; and (b) "person" means any person, firm,
association or corporation.

(Source: Laws 1967, p. 1842.)

765 ILCS 1010/2

(765 ILCS 1010/2) (from Ch. 76, par. 12)

Sec. 2.

Any 2 or more persons who own or intend to own, jointly or as
tenants in common, any property that is used or is to be used in whole or
in part for the generation, transmission or distribution of electricity or
for the production, gathering, storage, processing, transmission or
distribution of manufactured or natural gas, in each case for ultimate
public consumption, may enter into agreements waiving their respective
rights with respect to the partition of such property or otherwise
restricting the alienation thereof for a period of time ending not later
than the abandonment of such use. Without limiting the generality of the
preceding sentence, the rule of law known as the rule against perpetuities
and the rule of law known as the rule prohibiting unreasonable restraints
on alienation shall not be applied to invalidate, render unenforceable or
otherwise affect any such agreement.

(Source: Laws 1967, p. 1842.)

765 ILCS 1010/3

(765 ILCS 1010/3) (from Ch. 76, par. 13)

Sec. 3.

This Act applies to agreements entered into prior, as well as
subsequent, to the effective date of this Act.

(Source: Laws 1967, p. 1842.)