Illinois Compiled Statutes 805 ILCS 105/111.15 – Merger or consolidation by directors
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Terms Used In Illinois Compiled Statutes 805 ILCS 105/111.15
- 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.
Where a corporation has no members or no members entitled to vote on mergers or consolidations, a plan thereof shall be adopted at a meeting of the board of directors upon receiving the affirmative vote of a majority of the directors in office.