(805 ILCS 5/3.10)
(from Ch. 32, par. 3.10)
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.
(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,
legacy, or otherwise acquire, and to own, hold, 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 directors, officers, employees and agents.
(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,
associations, partnerships, or individuals and, subject to the provisions of
Sections 9.05 and 9.10 of this Act, to purchase, take, receive, or otherwise
acquire, hold, own, pledge, transfer, or otherwise dispose of its own shares.
if applicable, each corporation shall comply with the provisions of The
Illinois Bank Holding Company Act of 1957.
(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, but a corporation may not
be organized hereunder for the purpose of insurance.
(i) To invest its surplus 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 business, 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 by-laws, not inconsistent with its articles of
incorporation or with the laws of this State, except as provided in
Section 2.30, for the administration and regulation of the affairs of the
(m) To make donations for the public welfare or for charitable,
scientific, religious or educational purposes; to
lend money to the State or Federal government; and, to transact
any lawful business in aid of the United States.
(n) To cease its corporate activities and surrender its corporate
(o) To establish deferred compensation plans, pension plans, profit-sharing
plans, share bonus
plans, share option plans, and other incentive plans for its directors,
officers and employees and to make the payments and issue the shares
provided for therein.
(p) To indemnify its directors, officers, employees or agents in accordance
with and to the extent permitted by Section 8.75 of this Act.
(q) To be a promoter, partner, member, associate or manager of any partnership,
joint venture or other enterprise.
(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. 88-151.)