Public Act 90-0203 of the 90th General Assembly

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Public Act 90-0203

SB1097 Enrolled                                LRB9003509NTsb

    AN ACT to amend the General Not  For  Profit  Corporation
Act of 1986 by changing Section 103.10.

    Be  it  enacted  by  the People of the State of Illinois,
represented in the General Assembly:

    Section 5.  The General Not For Profit Corporation Act of
1986 is amended by changing Section 103.10 as follows:

    (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
    (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
    (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
    (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
    (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. 84-1423.)

    Section  99.  Effective date.  This Act takes effect upon
becoming law.

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