805 ILCS 5/1.70
2021 Illinois Compiled Statutes|Chapter 805 - BUSINESS ORGANIZATIONS|805 ILCS 5/ - Business Corporation Act of 1983.|Article 1 - General Provisions

 (from Ch. 32, par. 1.70)Sec. 1.70. Miscellaneous applications.(a) Application to existing  corporations organized under general laws.  The provisions of this Act shall  apply to all existing corporations, including  public utility corporations, organized under any general law of this State  providing for the organization of corporations for a purpose or purposes  for which a corporation might be organized under this Act.(b) Application to existing corporations organized under special Acts.  All  corporations, including public utility corporations, heretofore organized  for profit under any special law of this State, for a purpose or purposes  for which a corporation might be organized under this Act, shall be entitled  to the rights, privileges, immunities, and franchises provided by this Act.(c) Application of Act to domestic railroad corporations.  Corporations  organized under the laws of this State for the purpose of operating any  railroad in this State shall be subject to the following provisions of this  Act regardless of whether or not such corporations have been reincorporated  under provisions of this Act:(1) Section 3.10(m), relating to the donations for     the public welfare or for charitable, scientific, religious or educational purposes.(2) Sections 12.05, 12.10, 12.15, 12.20, 12.25 and     12.30, relating to voluntary dissolution.(3) Sections 12.35, 12.40, 12.45 and 12.50(a),     relating to administrative or judicial dissolution.(4) Section 12.80 relating to survival of remedy     after dissolution.(5) Sections 14.05 and 14.10 relating to annual     report of domestic corporations.(6) Section 14.20 relating to reports of domestic     corporations with respect to issuance of shares.(7) Sections 16.50 and 16.10 relating to penalties     for failure to file reports.(8) Sections 1.05, 1.10, 1.20, 1.25, 1.35, 1.40,     1.45, 7.10, 7.20, 8.45, 15.05, 15.10, 15.15, 15.20, 15.25, 15.30, 15.35, 15.40, 15.45, 15.50, 15.80 and 15.85 relating to fees for filing documents and issuing certificates, license fees, franchise taxes, and miscellaneous charges payable by domestic corporations, waiver of notice, action by shareholders, and or informal action by directors, appeal from Secretary of State, receipt in evidence of certificates and certified copies of certain document forms, and powers of Secretary of State.Corporations organized under the provisions of this Act, or which were  organized under the provisions of any other general or special laws of this  State and later reincorporated under the provisions of this Act, for the  purpose of operating any railroad in this State, shall be entitled to the  rights, privileges, immunities, and franchises provided by this Act and  shall be in all respects governed by this Act unless otherwise specified  herein.(d) Application to co-operative associations.  Any corporation organized  under any general or special law of this State  as a co-operative association shall be entitled to the benefits of this Act  and shall be subject to all the provisions hereof, in so far as they are  not in conflict with the general law or special Act under which it was  organized, upon the holders of two-thirds of its outstanding shares  having voted to accept the benefits of this Act and to be subject to all  the provisions hereof, except in so far as they may be in conflict with the  general or special law under which it was organized, and the filing in  the office of the Secretary of State of a certificate setting forth such  fact. Such certificate shall be executed by such co-operative association  by its president or vice-president, and verified by him or her, attested by its  secretary or an assistant  secretary.  The notice of the meeting at which such vote is taken, which may  be either an annual or a special meeting of shareholders, shall set forth  that a vote will be taken at such meeting on the acceptance by such  co-operative association of the provisions of this Act.(e) Application of Act in certain cases.  Nothing contained in this Act  shall be held or construed to:(1) Authorize or permit the Illinois Central Railroad     Company to sell the railway constructed under its charter approved February 10, 1851, or to mortgage the same except subject to the rights of the State under its contract with said company, contained in its said charter, or to dissolve its corporate existence, or to relieve itself or its corporate property from its obligations to the State, under the provisions of said charter; nor shall anything herein contained be so construed as to in any manner relieve or discharge any railroad company, organized under the laws of this State, from the duties or obligations imposed by virtue of any statute now in force or hereafter enacted.(2) Alter, modify, release, or impair the rights of     this State as now reserved to it in any railroad charter heretofore granted, or to affect in any way the rights or obligations of any railroad company derived from or imposed by such charter.(3) Alter, modify, or repeal any of the provisions of     the Public Utilities Act.  The term "public utility" or "public utilities" as used in this Act shall be the same as defined in the Public Utilities Act.(f) Application of Act to foreign and interstate commerce.  The provisions  of this Act shall apply to commerce with foreign nations  and among the several states only in so far as the same may be permitted  under the provisions of the Constitution of the United States.(g) Requirement before incorporation of trust company.  Articles of  incorporation for the organization of a corporation for the purpose of  accepting and executing trusts shall not be filed by the Secretary of State  until there is delivered to him or her a statement executed by the Commissioner  of Banks and Real Estate that the incorporators of  the corporation have made arrangements with the Commissioner of  Banks and Real Estate to comply with the Corporate  Fiduciary Act.(h) Application of certain existing acts.  Corporations organized under the  laws of this State for the purpose of accepting and executing trusts shall be  subject to the provisions of the Corporate Fiduciary Act.Corporations organized for the purpose of building, operating, and  maintaining within this State any levee, canal, or tunnel for agricultural,  mining, or sanitary purposes, shall be subject to the provisions of the  Corporation Canal Construction Act.In any profession or occupation licensed by the Illinois Department of  Agriculture, the Department may, in determining financial ratios and allowable  assets, disregard notes and accounts receivable to the corporate licensee  from its officers or directors or a parent or subsidiary corporation of  such licensee or any receivable owing to a licensee corporation from an  unincorporated division of the licensee or any share subscription right  owing to a corporation from its shareholders.  (Source: P.A. 96-1121, eff. 1-1-11.)