Illinois Compiled Statutes 805 ILCS 5/3.20 – Unauthorized assumption of corporate powers
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Terms Used In Illinois Compiled Statutes 805 ILCS 5/3.20
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
All persons who assume to exercise corporate powers without authority so to do shall be jointly and severally liable for all debts and liabilities incurred or arising as a result thereof.