Illinois Compiled Statutes 805 ILCS 5/6.45 – Expenses of organization, reorganization, and financing
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Terms Used In Illinois Compiled Statutes 805 ILCS 5/6.45
- 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.
The reasonable charges and expenses of organization or reorganization of a corporation and reasonable compensation for the sale or underwriting of its shares, may be paid or allowed by such corporation out of the consideration received by it in payment for its shares without thereby rendering such shares not full paid and non-assessable.