Public Act 90-0203 of the 90th General Assembly
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
compensations;
(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
corporation;
(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
States;
(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
law;
(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.