805 ILCS 5/3.10
2021 Illinois Compiled Statutes|Chapter 805 - BUSINESS ORGANIZATIONS|805 ILCS 5/ - Business Corporation Act of 1983.|Article 3 - Purposes And Powers

 (from Ch. 32, par. 3.10)Sec. 3.10.     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.(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,  legacy, or otherwise acquire, and to own, hold, 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 directors, officers, employees and agents.(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,  associations, partnerships, or individuals and, subject to the provisions of  Sections 9.05 and 9.10 of this Act, to purchase, take, receive, or otherwise  acquire, hold, own, pledge, transfer, or otherwise dispose of its own shares.  However,  if applicable, each corporation shall comply with the provisions of The  Illinois Bank Holding Company Act of 1957.(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, but a corporation may not  be organized hereunder for the purpose of insurance.(i) To invest its surplus 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 business, 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 by-laws, not inconsistent with its articles of  incorporation or with the laws of this State, except as provided in  Section 2.30, for the administration and regulation of the affairs of the  corporation.(m) To make donations for the public welfare or for charitable,  scientific, religious or educational purposes; to  lend money to the State or Federal government; and, to transact  any lawful business 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, profit-sharing  plans, share bonus  plans, share option plans, and other incentive plans for its directors,  officers and employees and to make the payments and issue the shares  provided for therein.(p) To indemnify its directors, officers, employees or agents in accordance  with and to the extent permitted by Section 8.75 of this Act.(q) To be a promoter, partner, member, associate or manager of any partnership,  joint venture or other enterprise.(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. 88-151.)