805 ILCS 135/ Religious Educational or Charitable Corporation Dissolution Act.

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805 ILCS 135/0.01

(805 ILCS 135/0.01) (from Ch. 32, par. 200.9)

Sec. 0.01.

Short title.

This Act may be cited as the

Religious Educational or Charitable Corporation Dissolution Act.

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

805 ILCS 135/1

(805 ILCS 135/1) (from Ch. 32, par. 201)

Sec. 1.

Whenever the trustees of
any corporation having control of any educational or charitable
institution or any fund thereof, under the care or patronage of any
religious denomination, find that the purposes for which the corporation
was created cannot be carried out, and they shall have authority and
power to close up the affairs of such corporation in the following
manner, to-wit:

They may sell any or all property of any and every kind belonging to
the corporation. Out of the proceeds of the sale of said property,
together with any money belonging to the corporation, they shall pay all
debts against said corporation. They shall return to the donors all sums
which have been given to the corporation under written conditions
requiring the return of said sum in case the purposes of the corporation
are not carried out. They shall transfer and deliver all funds and
property remaining in their hands, after the payment of debts and return
of donations as hereinbefore provided, to the religious denomination
having charge or the patronage of the said educational or charitable
corporation by transferring and delivering said funds and property into
the possession and control of that regularly constituted body in such
religious denomination by which the trustees of the said educational or
charitable corporation are nominated or elected.

(Source: P.A. 84-1308.)