(110 ILCS 30/5) (from Ch. 144, par. 16a)
Sec. 5.
The affairs of such corporation shall be managed by a board of
directors, who may be designated either as directors, managers or trustees.
The directors may reside either within or without this state and be either
members or non-members of the corporation, and shall have such other
qualifications and be elected or appointed in manner and for terms not
exceeding three (3) years, and their elections or appointments shall be
subject to nominations, approvals, or confirmations, all as the articles of
incorporation may prescribe. In any case where the directors shall compose
the members of such corporation and the articles of incorporation so
provide, the said board of directors by the vote of two-thirds of the
members thereof may by resolution create and provide for the election or
appointment, either from its own membership or otherwise, of a committee or
local board of managers for such educational institution having not less
than three (3) members and to be known and designated as may be provided in
such resolution, which said committee or board, to the extent and under the
limitations and subject to the conditions prescribed in such resolution,
shall thereupon become vested with and have and exercise the authority of
such board in the management of such institution, its property and affairs
including, without limiting the foregoing, power, in the name of the
corporation through proper officers of such committee or board of managers,
to sell, convey, transfer, assign, mortgage, pledge or otherwise deal in or
dispose of any real or personal property given or donated, or in accordance
with or pursuant to the resolution of said board of directors set apart or
acquired or held, for the use or benefit of such institution or its
education activities, and all acts of such committee or local board of
managers done under and within the scope of the authority so in it vested
shall be binding upon said corporation. Except as in this Act elsewhere or
otherwise provided, or as may be inconsistent with the provisions hereof,
all provisions and requirements of "An Act to revise the law relating to
corporations not for pecuniary profit", approved July 17, 1943, exclusive
of Sections 3 and 4 and Sections 67 and 85 inclusive thereof, shall
apply to and govern corporations organized under the authority of this Act.
(Source: Laws 1949, p. 1613.)
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