Illinois Compiled Statutes 805 ILCS 15/3 – The “Business Corporation Act of 1983”, as heretofore or hereafter …
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Terms Used In Illinois Compiled Statutes 805 ILCS 15/3
- 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.
- Heretofore: means any time previous to the day on which the statute takes effect; and the word "hereafter" at any time after such day. See Illinois Compiled Statutes 5 ILCS 70/1.17
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
The “Business Corporation Act of 1983″, as heretofore or hereafter amended, and the Entity Omnibus Act shall be applicable to such corporations, including their organization, and they shall enjoy the powers and privileges and be subject to the duties, restrictions and liabilities of other corporations, except so far as the same may be limited or enlarged by this Act. If any provision of this Act conflicts with the “Business Corporation Act of 1983” or the Entity Omnibus Act, this Act shall take precedence.