(765 ILCS 605/18.1)
(from Ch. 30, par. 318.1)
(a) The owner or owners of the property, or the board of
managers, may cause to be incorporated a not-for-profit
corporation under the General Not For Profit Corporation Act of the
State of Illinois for the purpose of facilitating the administration
and operation of the property.
(b) The Secretary of State shall include on the application of the
Articles of Incorporation under the General Not For Profit Corporation
Act and the annual report form and such other forms as he deems
necessary a question asking whether the corporation is a condominium
association under the provisions of this Act.
(c) The Secretary of State shall maintain a computer record
of all not for profit corporations which are condominium
associations in this State and their current officers and members of the
Board of Managers or Board of Directors, as shown on the latest annual
report or the articles of incorporation, whichever is more current.
(d) The board of directors of such corporation shall constitute the board of
managers provided for in this Act, and all of the rights, titles, powers,
privileges and obligations vested in or imposed upon the board of managers
in this Act and in the declaration may be held or performed by such
corporation or by the duly elected members of the board of directors
thereof and their successors in office.
(e) Nothing in this Section shall be construed to affect the ownership
of the property.
(Source: P.A. 88-417.)