(215 ILCS 150/2) (from Ch. 148, par. 202)
Sec. 2.
Authorized organizations; purpose.
Any number of organizations
which are all exempt from
taxation under paragraph (3) of
subsection (c) of Section 501 of the
Internal Revenue Code of 1954 as amended or as it may be amended
hereafter
are authorized to establish and become beneficiaries of a
trust fund for the purpose of: (1) providing protection for
themselves against the risk of financial loss due to damage, destruction or
loss to property or the imposition of legal liability; or (2) providing
protection for their employees or full-time students, but not dependents,
against the risk of
financial loss due to accident, sickness, or disablement. Any of such
organizations' affiliated title holding corporations that are
exempt from taxation under paragraph (2) of subsection (c) of Section 501 of
the
Internal Revenue Code of 1954, as amended or as it may be amended hereafter,
are authorized to establish or become beneficiaries of a trust for the purpose
of providing protection for themselves against the risk of financial loss due
to damage, destruction, or loss to property or the imposition of legal
liability.
A hospital or long-term care facility owned and operated by a tax
exempt unit of local government and such unit of local government, in
relation to and to the extent of its liabilities arising from the ownership
or operation of such hospital or long-term care facility, may
participate in the establishment of and may become beneficiaries of a trust
fund established under this Act for the purpose of providing protection
against the risk of financial loss due to the imposition of legal liability.
(Source: P.A. 92-99, eff. 7-20-01.)
|