Chapter 805, BUSINESS ORGANIZATIONS

(805 ILCS 320/14) (from Ch. 21, par. 49) Sec. 14. The property, both real and personal, of any association organized under this act, shall be forever exempt from taxation for any and all purposes. (Source: Laws 1903, p. 90.)

(805 ILCS 310/15) (from Ch. 32, par. 319) Sec. 15. So much of the profits or earnings of such association, as may seem best to the directors, shall be distributed to those entitled thereto by its by-laws, and in the proportions and at the times therein prescribed, which shall be …

(805 ILCS 315/15) (from Ch. 32, par. 454) Sec. 15. When a member of an association organized without capital stock, has paid his membership fee in full, he shall receive a certificate of membership. (Source: Laws 1967, p. 3777.)

(805 ILCS 35/15) (from Ch. 32, par. 1015) Sec. 15. A financial institution may request membership in a development corporation by making application to the board of directors thereof on such form and in such manner as such board of directors may require, and membership shall beco…

(805 ILCS 320/15) (from Ch. 21, par. 50) Sec. 15. That such cemetery association, when duly organized, shall be public corporations, for the purpose of burial ground and cemetery business only. (Source: Laws 1905, p. 84.)

(805 ILCS 10/15) (from Ch. 32, par. 415-15) Sec. 15. A professional corporation may only engage in the rendering of one category of professional service or related professional services and may render such professional service or related professional services only through shareho…

(805 ILCS 185/15) Sec. 15. Certificate of registration. (a) No professional limited liability company may render professional services that require the issuance of a license by the Department, except through its managers, members, agents, or employees who are duly licensed or oth…

(805 ILCS 15/15) (from Ch. 32, par. 645) Sec. 15. Each individual shareholder, director, officer, agent, or employee licensed pursuant to the Medical Practice Act of 1987 who is employed by a corporation subject to this Act shall remain subject to discipline for his conduct under…

(805 ILCS 317/15) Sec. 15. Purpose of limited worker cooperative association. (a) A limited worker cooperative association is an entity distinct from its members. (b) A limited worker cooperative association may be organized for any lawful purpose, whether or not for profit. (c) …

(805 ILCS 315/15.1) (from Ch. 32, par. 454.1) Sec. 15.1. An association may issue its shares of stock, having no par value, from time to time for such consideration as may be fixed by the board of directors. (Source: Laws 1967, p. 3777.)

(805 ILCS 315/15.2) (from Ch. 32, par. 454.2) Sec. 15.2. No association shall issue stock until it has been fully paid for. Promissory notes may be accepted by the association as full or partial payment of the stock. The association shall hold the stock as security for the paymen…

(805 ILCS 315/15.3) (from Ch. 32, par. 454.3) Sec. 15.3. No member shall be liable for the debts of the association to an amount exceeding the sum remaining unpaid on his membership fee or his subscription to the capital stock, including any unpaid balance on any promissory notes…

(805 ILCS 315/15.4) (from Ch. 32, par. 454.4) Sec. 15.4. No stockholder of an association, organized hereunder, except an association organized under this Act, or an association as defined in this Act or one subject to the "General Not for Profit Corporation Act," as heretofore o…

(805 ILCS 10/15.5) Sec. 15.5. Confidentiality. All information collected by the regulating authority in the course of an examination or investigation of a holder of a certificate of registration or an applicant, including, but not limited to, any complaint against a holder of a c…

(805 ILCS 315/15.5) (from Ch. 32, par. 454.5) Sec. 15.5. No member in any association without capital stock, shall be entitled to more than one vote. (Source: Laws 1967, p. 3777.)

(805 ILCS 315/15.6) (from Ch. 32, par. 454.6) Sec. 15.6. Preferred stock may be sold to any person, member, or non-member, and may be redeemable or retireable by the association, on such terms and conditions as may be provided for by the articles of incorporation, and printed on …

(805 ILCS 315/15.7) (from Ch. 32, par. 454.7) Sec. 15.7. An association may, at any time, except when the debts of the association exceed 50 per cent of the assets thereof, buy in or purchase its common stock at the book value thereof, as conclusively determined by the board of d…

(805 ILCS 315/15.8) (from Ch. 32, par. 454.8) Sec. 15.8. Limited Liability of directors. (a) No director of a corporation organized under this Act shall be liable, and no cause of action may be brought for damages resulting from the exercise of judgment or discretion in connectio…

(805 ILCS 15/16) (from Ch. 32, par. 646) Sec. 16. If the articles of incorporation or by-laws of a corporation subject to this Act fail to state a price or method of determining a fixed price at which the corporation or its shareholders may purchase the shares of a deceased share…

(805 ILCS 310/16) (from Ch. 32, par. 320) Sec. 16. Every association organized under the terms of this Act shall annually, on or before the first day of March of each year, make a report of the condition and business of the association as of December 31 of the preceding year, to …

(805 ILCS 315/16) (from Ch. 32, par. 455) Sec. 16. Any member may bring charges against an officer or director by filing them in writing with the secretary of the association, together with a petition signed by five per cent of the members, requesting the removal of the officer o…

(805 ILCS 10/16) (from Ch. 32, par. 415-16) Sec. 16. The provisions of this Act shall not be construed as limiting the rendering of professional services or the practice of any profession under any other provision of law. However, the provisions of this Act shall be applicable to…

(805 ILCS 317/16) Sec. 16. Application of the Limited Liability Company Act. The Limited Liability Company Act applies to limited worker cooperative associations, and they shall enjoy the powers and privileges and be subject to the duties, restrictions, and liabilities of limited…

(805 ILCS 35/16) (from Ch. 32, par. 1016) Sec. 16. At annual or special meetings of stockholders and members with respect to matters submitted for a vote to such stockholders and members (with the exception of the election of directors which is governed by Sections 13 and 14 of t…

(805 ILCS 15/16.5) Sec. 16.5. Confidentiality. All information collected by the Department in the course of an examination or investigation of a holder of a certificate of registration or an applicant, including, but not limited to, any complaint against a holder of a certificate…

(805 ILCS 310/17) (from Ch. 32, par. 321) Sec. 17. All co-operative corporations and joint stock corporations, companies, associations, voluntary unincorporated associations or partnerships heretofore organized under prior statutes, or who shall be doing business as co-operative …

(805 ILCS 315/17) (from Ch. 32, par. 456) Sec. 17. Upon demand of one-third of the entire board of directors, made immediately and so recorded at the same meeting at which the original motion was passed, any matter of policy that has been approved or passed by the board must be r…

(805 ILCS 15/17) (from Ch. 32, par. 647) Sec. 17. If any provision of this Act or the application thereof to any person or circumstances is invalid, such invalidity shall not affect other provisions or applications of this Act which can be given effect without the invalid provisi…

(805 ILCS 35/17) (from Ch. 32, par. 1017) Sec. 17. Each corporation organized under this Act shall have power: (1) To sue and be sued, complain and defend, in its corporate name; (2) To have perpetual succession, unless a limited period of duration is stated in its articles of in…

(805 ILCS 10/17) (from Ch. 32, par. 415-17) Sec. 17. If any provision of this Act or the application thereof to any person or circumstance is invalid, such invalidity shall not affect other provisions or applications of this Act which can be given effect without the invalid provi…

(805 ILCS 315/18) (from Ch. 32, par. 457) Sec. 18. The association and its members may make and execute marketing contracts, requiring the members to sell, for any period of time, all or any specified part of their agricultural products or specified commodities exclusively to or …

(805 ILCS 10/18) (from Ch. 32, par. 415-18) Sec. 18. Administrative Procedure Act. The Illinois Administrative Procedure Act is expressly adopted and incorporated herein as if all of the provisions of that Act were included in this Act, except that the provision of subsection (d)…

(805 ILCS 35/18) (from Ch. 32, par. 1018) Sec. 18. All development credit corporations shall possess all applicable powers and privileges granted corporations by the "Business Corporation Act of 1983" and shall be subject to the penal and penalty provisions of that Act except as …

(805 ILCS 15/18) (from Ch. 32, par. 648) Sec. 18. Illinois Administrative Procedure Act. The Illinois Administrative Procedure Act is expressly adopted and incorporated herein as if all of the provisions of that Act were included in this Act, except that the provision of subsecti…

(805 ILCS 310/18) (from Ch. 32, par. 322) Sec. 18. All stock subscribed for shall be paid for within one year and in default thereof shall be forfeited with the payments made thereon to the society. (Source: Laws 1915, p. 325.)

(805 ILCS 35/19) (from Ch. 32, par. 1019) Sec. 19. The corporation shall set apart as an earned surplus at least 50% of its net earnings each year until such earned surplus equals the total of the capital and paid-in surplus then outstanding. Whenever the amount of the earned sur…

(805 ILCS 315/19) (from Ch. 32, par. 458) Sec. 19. (a) The by-laws or the marketing contract may fix, as liquidated damages, specific sums to be paid by the members or stockholders to the association upon the breach by him or her of any provision of the marketing contract regardi…

(805 ILCS 310/19) (from Ch. 32, par. 323) Sec. 19. The by-laws shall provide that the profits shall be distributed, first-upon stock and to purchasers or sellers (customers) based upon the percentage of purchases, or sales; or, second-to purchasers or sellers exclusively, based u…

(805 ILCS 10/19) Sec. 19. Deposit of fees and fines. Beginning July 1, 1995, all of the fees and fines collected under this Act shall be deposited into the General Professions Dedicated Fund. (Source: P.A. 88-683, eff. 1-24-95.)

(805 ILCS 405/1a) Sec. 1a. Home-based businesses. A person conducting or transacting business under an assumed name at his or her personal residence may list the county clerk, along with the address of the county clerk, of the county of his or her personal residence as the defaul…

(805 ILCS 410/2) (from Ch. 116, par. 60) Sec. 2. Unless express provision is made by law for the period during which they must be preserved or for the condition upon which they may be destroyed, business records which persons by the laws of this state are required to keep or pres…

(805 ILCS 25/2) (from Ch. 32, par. 369) Sec. 2. If any such corporation shall be unable to agree with the owners for the purchase of any real estate necessary for the purpose of its incorporation, for right-of-way or any other lawful purpose connected with or necessary to the con…

(805 ILCS 15/2) (from Ch. 32, par. 632) Sec. 2. One or more persons licensed pursuant to the Medical Practice Act of 1987, as heretofore or hereafter amended, may form a corporation pursuant to the "Business Corporation Act of 1983", as amended, to own, operate and maintain an es…

(805 ILCS 310/2) (from Ch. 32, par. 306) Sec. 2. No person shall be permitted to subscribe for more than 10 shares of the capital stock of such association, nor shall any person be permitted to own or control more than 10 shares of the capital stock of such association. The share…

(805 ILCS 20/2) (from Ch. 32. par. 191) Sec. 2. Such proceedings shall be commenced by filing in such court a complaint stating the name and date of the organization of such corporation, the location of its principal office and the names of its directors, managers, trustees or of…

(805 ILCS 115/2) (from Ch. 32, par. 188.4) Sec. 2. Short title. This Act may be cited as the Religious Corporation Validation Act. (Source: P.A. 86-1324.)

(805 ILCS 120/2) (from Ch. 32, par. 188b) Sec. 2. Consolidation - How effected. Merger or consolidation shall be effected in the manner following: (1) The board of directors, governors, trustees or other governing bodies of each corporation which desires to merge or consolidate, …

(805 ILCS 320/2) (from Ch. 21, par. 36) Sec. 2. Whenever six (6) or more persons shall present to the Secretary of State a petition setting forth that they desire to organize a Cemetery Association under this act, to be located in (here insert the county) and that said Cemetery A…

(805 ILCS 10/2) (from Ch. 32, par. 415-2) Sec. 2. It is the legislative intent to provide for the incorporation of an individual or group of individuals to render the same professional service or related professional services to the public for which such individuals are required …

(805 ILCS 125/2) (from Ch. 32, par. 199) Sec. 2. Hereafter whenever any corporation, association or society, not for pecuniary profit, existing by virtue of any special law of this state, shall desire to avail itself of the right to amend its special charter so as to change its n…