Illinois Compiled Statutes 610 ILCS 5/21 – No such corporation shall issue any stock or bonds, except for money, …
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Terms Used In Illinois Compiled Statutes 610 ILCS 5/21
- 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.
No such corporation shall issue any stock or bonds, except for money, labor or property actually received and applied to the purposes for which such corporation was organized. All stock dividends, and other fictitious increase of the capital stock or indebtedness of any such corporation, shall be void.