Illinois Compiled Statutes 805 ILCS 105/112.12 – Dissolution of residential cooperative housing corporations
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Illinois Compiled Statutes 805 ILCS 105/112.12
- 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.
When a not-for-profit corporation organized for the purpose of ownership or administration of residential property on a cooperative basis has members entitled to vote on dissolution, there must be an open meeting and vote of those members before a dissolution may be authorized.