805 ILCS 5/1.80
2021 Illinois Compiled Statutes|Chapter 805 - BUSINESS ORGANIZATIONS|805 ILCS 5/ - Business Corporation Act of 1983.|Article 1 - General Provisions

(805 ILCS 5/1.80) (from Ch. 32, par. 1.80)Sec. 1.80. Definitions. As used in this Act, unless the context  otherwise requires, the words and phrases defined in this Section shall  have the meanings set forth herein.(a) "Corporation" or "domestic corporation" means a corporation  subject to the provisions of this Act, except a foreign corporation.(b) "Foreign corporation" means a corporation for profit organized under  laws other than the laws of this State, but shall not include a banking  corporation organized under the laws of another state or of the United States,  a foreign  banking corporation organized under the laws of a country other than the  United States and holding a certificate of authority from the Commissioner  of Banks and Real Estate issued pursuant to the Foreign  Banking Office Act, or a banking corporation holding a license from the  Commissioner of Banks and Real Estate issued pursuant to the Foreign Bank  Representative Office Act.(c) "Articles of incorporation" means the original articles of  incorporation, including the articles of incorporation of a new corporation  set forth in the articles of consolidation, and all amendments thereto,  whether evidenced by articles of amendment, articles of merger, articles  of exchange, statement of correction affecting articles, resolution  establishing series of shares or a statement of cancellation under Section  9.05.  Restated articles of incorporation shall supersede the original  articles of incorporation and all amendments thereto prior to the effective  date of filing the articles of amendment incorporating the restated  articles of incorporation.(d) "Subscriber" means one who subscribes for shares in a  corporation, whether before or after incorporation.(e) "Incorporator" means one of the signers of  the original articles of incorporation.(f) "Shares" means the units into which the proprietary interests in  a corporation are divided.(g) "Shareholder" means one who is a holder of record of shares in a  corporation.(h) "Certificate" representing shares means a written instrument executed  by the proper corporate officers, as required by Section 6.35 of this Act,  evidencing the fact that the person therein named is the holder of record  of the share or shares therein described.  If the corporation is authorized  to issue uncertificated shares in accordance with Section 6.35 of this Act,  any reference in this Act to shares represented by a certificate shall also  refer to uncertificated shares and any reference to a certificate representing  shares shall also refer to the written notice in lieu of a certificate provided  for in Section 6.35.(i) "Authorized shares" means the aggregate number of shares  of all classes which the corporation is authorized to issue.(j) "Paid-in capital" means the sum of the cash and other consideration  received, less expenses, including commissions, paid or incurred by the  corporation, in connection with the issuance of shares, plus any cash and  other consideration contributed to the corporation by or on behalf of its  shareholders, plus amounts added or transferred to paid-in capital by  action of the board of directors or shareholders pursuant to a share  dividend, share split, or otherwise, minus reductions as provided elsewhere  in this Act.  Irrespective of the manner of  designation thereof by the laws under which a foreign corporation is or may be  organized, paid-in capital of a foreign corporation shall be determined on the  same basis and in the same manner as paid-in capital of a domestic corporation,  for the purpose of computing license fees, franchise taxes and other charges  imposed by this Act.(k) "Net assets", for the purpose of determining the right of a corporation  to purchase its own shares and of determining the right of a corporation  to declare and pay dividends and make other distributions to shareholders  is equal to the difference between the assets of the corporation and the  liabilities of the corporation.(l) "Registered office" means that office maintained by the corporation  in this State, the address of which is on file in the office of  the Secretary of State, at which any process, notice or demand required  or permitted by law may be served upon the registered agent of the corporation.(m) "Insolvent" means that a corporation is unable to pay its debts  as they become due in the usual course of its business.(n) "Anniversary" means that day each year exactly one or more years after:(1) the date of filing the articles of incorporation     prescribed by Section 2.10 of this Act, in the case of a domestic corporation;(2) the date of filing the application for authority     prescribed by Section 13.15 of this Act, in the case of a foreign corporation; or(3) the date of filing the articles of consolidation     prescribed by Section 11.25 of this Act in the case of a consolidation, unless the plan of consolidation provides for a delayed effective date, pursuant to Section 11.40.(o) "Anniversary month" means the month in which the anniversary of the  corporation occurs.(p) "Extended filing month" means the month (if any) which shall have  been established in lieu of the corporation's anniversary month in  accordance with Section 14.01.(q) "Taxable year" means that 12 month period commencing with the first  day of the anniversary month of a corporation through the last day of the  month immediately preceding the next occurrence of the anniversary  month of the corporation, except that in the case of a  corporation that has established an extended filing month "taxable year"  means that 12 month period commencing with the first day of the extended  filing month through the last day of the month immediately preceding  the next occurrence of the  extended filing month.(r) "Fiscal year" means the 12 month period with respect to which a  corporation ordinarily files its federal income tax return.(s) "Close corporation" means a corporation organized under or electing  to be subject to Article 2A of this Act, the articles of incorporation of  which contain the provisions required by Section 2.10, and either the  corporation's articles of incorporation or an agreement entered into by all  of its shareholders provide that all of the issued shares of each class  shall be subject to one or more of the restrictions on transfer set forth  in Section 6.55 of this Act.(t) "Common shares" means shares which have no preference over any other  shares with respect to distribution of assets on liquidation or with respect  to payment of dividends.(u) "Delivered", for the purpose of determining if any notice required  by this Act is effective, means:(1) transferred or presented to someone in person; or(2) deposited in the United States Mail addressed to     the person at his, her or its address as it appears on the records of the corporation, with sufficient first-class postage prepaid thereon.(v) "Property" means gross assets including, without limitation, all  real, personal, tangible, and intangible property.(w) "Taxable period" means that 12-month period commencing with the  first day of the second month preceding the corporation's anniversary month  in the preceding year and prior to the first day of the second month  immediately preceding its anniversary month in the current year, except  that, in the case of a corporation that has established an extended filing  month, "taxable period" means that 12-month period ending with the last day  of its fiscal year immediately preceding the extended filing month.  In the case of a newly formed domestic corporation or a newly registered  foreign corporation that had not commenced transacting business in this State  prior to obtaining authority, "taxable period" means that  period commencing with the filing of the articles of incorporation or, in  the case of a foreign corporation, of filing of the application for authority, and prior  to the first day of the second month immediately preceding its anniversary  month  in the next succeeding year.(x) "Treasury shares" mean (1) shares of a corporation that have been  issued, have been subsequently acquired by and belong to the corporation, and  have not been cancelled or restored to the status of authorized but unissued  shares and (2) shares (i) declared and paid as a share dividend on the shares  referred to in clause (1) or this clause (2), or (ii) issued in a share split  of the shares referred to in clause (1) or this clause (2).  Treasury shares  shall be deemed to be "issued" shares but not "outstanding" shares.  Treasury  shares may not be voted, directly or indirectly, at any meeting or otherwise.  Shares converted into or exchanged for other shares of the corporation shall  not be deemed to be treasury shares.(y) "Gross amount of business" means gross receipts, from whatever source derived.(z) "Open data" means data that is expressed in a machine-readable form and that is made freely available to the public under an open license, without registration requirement, and without any other restrictions that would impede its use or reuse. (Source: P.A. 102-49, eff. 1-1-22.)