Illinois Compiled Statutes 65 ILCS 5/2-1-3 – All ordinances, resolutions, and by-laws in force in any municipality …
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Terms Used In Illinois Compiled Statutes 65 ILCS 5/2-1-3
- 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.
All ordinances, resolutions, and by-laws in force in any municipality when it incorporates under this Code, shall continue in full force and effect until repealed or amended, notwithstanding the change in corporate organization. Change in corporate organization shall not effect a change in the legal identity, as a corporation, of the municipality.