Terms Used In Illinois Compiled Statutes 310 ILCS 5/16

  • 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.
  • Heretofore: means any time previous to the day on which the statute takes effect; and the word "hereafter" at any time after such day. See Illinois Compiled Statutes 5 ILCS 70/1.17
     Housing corporations organized on a not-for-profit basis shall have the rights, privileges and immunities of, and shall be subject to the provisions of, the General Not For Profit Corporation Act of 1986, as heretofore and hereafter amended, in so far as such provisions are not inconsistent with the provisions of this Act. Housing corporations organized on a limited-dividend basis shall have the rights, privileges and immunities of, and shall be subject to the provisions of, the “Business Corporation Act of 1983”, as heretofore and hereafter amended, in so far as such provisions are not inconsistent with the provisions of this Act.
  Previous section
Next section  
 310 ILCS 5 Contents