805 ILCS 206/303
2021 Illinois Compiled Statutes|Chapter 805 - BUSINESS ORGANIZATIONS|805 ILCS 206/ - Uniform Partnership Act (1997).|Article 3 - Relations Of Partners To Persons Dealing With Partnership

Sec. 303.     Statement of partnership authority.(a) A partnership may file a statement of partnership authority, which:(1) must include:(i) the name of the partnership;(ii) the street address of its chief executive         office and of one office in this State, if there is one;(iii) the names and mailing addresses of all of         the partners or of an agent appointed and maintained by the partnership for the purpose of subsection (b); and(iv) the names of the partners authorized to         execute an instrument transferring real property held in the name of the partnership; and(2) may state the authority, or limitations on the     authority, of some or all of the partners to enter into other transactions on behalf of the partnership and any other matter.(b) If a statement of partnership authority names an agent, the agent shall maintain a list of the  names and mailing addresses of all of the partners and make it available to any person on request  for good cause shown.(c) If a filed statement of partnership authority is executed pursuant to Section 105(c) and  states the name of the partnership but does not contain all of the other information required by  subsection (a) of this Section, the statement nevertheless operates with respect to a person not a  partner as provided in subsections (d) and (e).(d) Except as otherwise provided in subsection (g) of this Section, a filed  statement of  partnership authority supplements the authority of a partner to enter into  transactions on behalf of  the partnership as follows:(1) Except for transfers of real property, a grant of     authority contained in a filed statement of partnership authority is conclusive in favor of a person who gives value without knowledge to the contrary, so long as and to the extent that a limitation on that authority is not then contained in another filed statement. A filed cancellation of a limitation on authority revives the previous grant of authority.(2) A grant of authority to transfer real property     held in the name of the partnership contained in a certified copy of a filed statement of partnership authority recorded in the office for recording transfers of that real property is conclusive in favor of a person who gives value without knowledge to the contrary, so long as and to the extent that a certified copy of a filed statement containing a limitation on that authority is not then of record in the office for recording transfers of that real property. The recording in the office for recording transfers of that real property of a certified copy of a filed cancellation of a limitation on authority revives the previous grant of authority.(e) A person not a partner is deemed to know of a limitation on the authority of a partner to  transfer real property held in the name of the partnership if a certified copy  of the filed statement  containing the limitation on authority is of record in the office for recording  transfers of that real  property.(f) Except as otherwise provided in subsections (d) and (e) of this Section  and Sections 704  and 805 of this Act, a person not a partner is not deemed to know of a  limitation on the authority  of a partner merely because the limitation is contained in a filed statement.(g) Unless earlier canceled, a filed statement of partnership authority is  canceled by operation  of law 5 years after the date on which the statement, or the most recent  amendment, was filed with the Secretary of State.    (Source: P.A. 92-740, eff. 1-1-03.)