(310 ILCS 5/6)
(from Ch. 67 1/2, par. 156)
Every corporation organized under this Act shall, subject to the
conditions and limitations prescribed by this Act, have the following
rights, powers and privileges:
(1) To have succession by its corporate name for the
period limited in its articles of incorporation or any amendment thereof.
(2) To sue and be sued in its corporate name.
(3) To have and use a common seal and alter the same
(4) In the case of corporations formed on a
limited-dividend basis, to have a capital stock of such an amount and divided into shares as may be provided in the articles of incorporation or any amendment thereof, subject to the conditions prescribed by section 4 of this Act.
(5) To acquire, own, use, convey and otherwise
dispose of and deal in real property, subject only to the conditions and restrictions of this Act.
(6) To own, purchase or otherwise acquire, whether in
exchange for the issuance of its own stock, bonds or other obligations or otherwise, and to hold, vote, pledge, or dispose of the stocks, bonds or other evidences of indebtedness of any corporation, domestic or foreign.
(7) To borrow money at such rate of interest, as the
corporation may determine, subject to the approval of the Illinois Housing Development Authority, and to mortgage or pledge its property, both real and personal, to secure the payment thereof.
(8) To elect officers, appoint agents, define their
duties and fix their compensation.
(9) Subject to the provisions of this Act, to acquire
real estate or any interest therein by exercise of the power of eminent domain in the manner provided by the general laws of the State relating thereto.
(10) To make by-laws not inconsistent with the laws
of this State for the administration of the business and interest of such corporation.
(11) To conduct business in this State, subject to
the provisions of this Act.
(12) To cease doing business and to surrender its
(13) To have and exercise all the powers necessary
and convenient to carry into effect the purpose for which the corporation is formed.
(Source: P.A. 76-1176