Every corporation organized under this Act shall, subject to the conditions and limitations prescribed by this Act, have the following rights, powers and privileges:
         (1) To have succession by its corporate name for the
    
period limited in its articles of incorporation or any amendment thereof.
        (2) To sue and be sued in its corporate name.
lawyer at desk

Ask a legal question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

Terms Used In Illinois Compiled Statutes 310 ILCS 5/6

  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • 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.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • 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

         (3) To have and use a common seal and alter the same
    
at pleasure.
        (4) In the case of corporations formed on a
    
limited-dividend basis, to have a capital stock of such an amount and divided into shares as may be provided in the articles of incorporation or any amendment thereof, subject to the conditions prescribed by section 4 of this Act.
        (5) To acquire, own, use, convey and otherwise
    
dispose of and deal in real property, subject only to the conditions and restrictions of this Act.
        (6) To own, purchase or otherwise acquire, whether in
    
exchange for the issuance of its own stock, bonds or other obligations or otherwise, and to hold, vote, pledge, or dispose of the stocks, bonds or other evidences of indebtedness of any corporation, domestic or foreign.
        (7) To borrow money at such rate of interest, as the
    
corporation may determine, subject to the approval of the Illinois Housing Development Authority, and to mortgage or pledge its property, both real and personal, to secure the payment thereof.
        (8) To elect officers, appoint agents, define their
    
duties and fix their compensation.
        (9) Subject to the provisions of this Act, to acquire
    
real estate or any interest therein by exercise of the power of eminent domain in the manner provided by the general laws of the State relating thereto.
        (10) To make by-laws not inconsistent with the laws
    
of this State for the administration of the business and interest of such corporation.
        (11) To conduct business in this State, subject to
    
the provisions of this Act.
        (12) To cease doing business and to surrender its
    
charter.
        (13) To have and exercise all the powers necessary
    
and convenient to carry into effect the purpose for which the corporation is formed.
  Previous section
Next section  
 310 ILCS 5 Contents