Illinois Compiled Statutes 805 ILCS 110/38 – A failure to elect trustees at any time shall not work a dissolution …
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Terms Used In Illinois Compiled Statutes 805 ILCS 110/38
- 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.
A failure to elect trustees at any time shall not work a dissolution of such corporation, but the trustees last elected shall be considered as in office until their successors are elected.