Illinois Compiled Statutes 225 ILCS 728/5 – Definitions
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As used in this Act:
“Board” means the Illinois Petroleum Resources Board.
“Department” means the Department of Natural Resources.
“First purchaser” means any person who buys Illinois crude oil or Illinois gas.
“Interest owner” means a person who owns or possesses an interest in the gross production of oil or gas produced from a well in Illinois.
“Person” means an individual, group of individuals, partnership, corporation, association, limited liability company, cooperative, or any other entity or an employee of the entity.
“Producer” means a person who produces oil and gas or who derives a majority of his or her oil and gas income from working interest.
“Qualified producer association” means an entity that is organized and operating within the State and that represents oil and gas producers on a Statewide basis.
“Board” means the Illinois Petroleum Resources Board.
Terms Used In Illinois Compiled Statutes 225 ILCS 728/5
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- individual: shall include every infant member of the species homo sapiens who is born alive at any stage of development. See Illinois Compiled Statutes 5 ILCS 70/1.36
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
“Department” means the Department of Natural Resources.
“First purchaser” means any person who buys Illinois crude oil or Illinois gas.
“Interest owner” means a person who owns or possesses an interest in the gross production of oil or gas produced from a well in Illinois.
“Person” means an individual, group of individuals, partnership, corporation, association, limited liability company, cooperative, or any other entity or an employee of the entity.
“Producer” means a person who produces oil and gas or who derives a majority of his or her oil and gas income from working interest.
“Qualified producer association” means an entity that is organized and operating within the State and that represents oil and gas producers on a Statewide basis.