805 ILCS 105/103.10
2021 Illinois Compiled Statutes|Chapter 805 - BUSINESS ORGANIZATIONS|805 ILCS 105/ - General Not For Profit Corporation Act of 1986.|Article 3 - Purposes And Powers

 (from Ch. 32, par. 103.10)Sec. 103.10.     General powers.     Each corporation shall  have power:(a) To have perpetual succession by its corporate name  unless a limited period of duration is stated in its  articles of incorporation;(b) To sue and be sued, complain and defend, in its  corporate name, and shall have standing to sue when one or more of  its members would otherwise have standing to sue in his or her own right,  providing the interests it seeks to protect are germane to the corporation's  purposes, and neither the claim asserted nor the relief requested requires the  participation of individual members in the lawsuit;(c) To have a corporate seal which may be altered at  pleasure, and to use the same by causing it, or a facsimile  thereof, to be impressed or affixed or in any other manner  reproduced, provided that the affixing of a corporate seal  to an instrument shall not give the instrument additional  force or effect, or change the construction thereof, and the  use of a corporate seal is not mandatory;(d) To purchase, take, receive, lease as lessee, take by  gift, devise, or bequest, or otherwise acquire, and to own,  hold, hold as trustee, use, and otherwise deal in and with  any real or personal property, or any interest therein,  situated in or out of this State;(e) To sell and convey, mortgage, pledge, lease as lessor,  and otherwise dispose of all or any part of its property and  assets;(f) To lend money to its officers, employees and agents except as  limited by Section 108.80 of this Act;(g) To purchase, take, receive, subscribe for, or otherwise  acquire, own, hold, vote, use, employ, sell, mortgage, loan,  pledge, or otherwise dispose of, and otherwise use and deal  in and with, shares or other interests in, or obligations  of, other domestic or foreign corporations, whether for  profit or not for profit, associations, partnerships or  individuals;(h) To incur liabilities, to borrow money for its corporate  purposes at such rates of interest as the corporation may  determine without regard to the restrictions of any usury  law of this State, to issue its notes, bonds and other  obligations; to secure any of its obligations by mortgage,  pledge, or deed of trust of all or any of its property,  franchises, and income; and to make contracts, including  contracts of guaranty and suretyship;(i) To invest its funds from time to time and to lend money  for its corporate purposes, and to take and hold real and  personal property as security for the payment of funds so  invested or loaned;(j) To conduct its affairs, carry on its operations, and  have offices within and without this State and to exercise  in any other state, territory, district, or possession of  the United States, or in any foreign country, the powers  granted by this Act;(k) To elect or appoint officers and agents of the  corporation, and define their duties and fix their  compensations;(l) To make and alter bylaws, not inconsistent with its  articles of incorporation or with the laws of this State,  except as provided in Section 102.30 of this Act, for the  administration and regulation of the affairs of the  corporation;(m) To make donations in furtherance of any of its  purposes; to lend money to the State or Federal government;  and to conduct any lawful affairs in aid of the United  States;(n) To cease its corporate activities and surrender its  corporate franchise;(o) To establish deferred compensation plans, pension  plans, and other incentive plans for its directors, officers  and employees and to make the payments provided for therein;(p) To indemnify its directors, officers, employees or  agents in accordance with and to the extent permitted by  Section 108.75 of this Act and other applicable provisions  of law;(q) To be a promoter, partner, member, associate or manager  of any partnership, joint venture or other enterprise; and(r) To have and exercise all powers necessary or convenient  to effect any or all of the purposes for which the  corporation is formed.    (Source: P.A. 90-203, eff. 7-24-97.)