2023 Illinois Compiled Statutes › Chapter 110 - HIGHER EDUCATION › 110 ILCS 50/ - Institution of Learning Powers Act.

(110 ILCS 50/0.01) (from Ch. 144, par. 0.01)
Sec. 0.01. 
		Short title. 
		This Act may be cited as the
Institution of Learning Powers Act.
(Source: P.A. 86-1324.)
(110 ILCS 50/1) (from Ch. 144, par. 1)
Sec. 1. 
		
		Any corporation which has been, or may be
incorporated under any general law of this state, for the purpose of
establishing or conducting a university, college, academy, or other
institution of learning, in addition to the powers granted by such law, shall
have power to take by purchase, gift, grant or legacy,
and to hold
for the use of such corporation, any real or personal property whatever,
and to sell, convey, mortgage, or otherwise use the same, as may be
considered most conducive to the interests of such institution. But such
corporation shall have no power to divert any gift, grant or
legacy from the specific purpose designated by the donor.
(Source: P.A. 83-388.)
(110 ILCS 50/3) (from Ch. 144, par. 4)
Sec. 3. 
		
		The trustees, directors or managers shall have control and
management of the affairs and property of the corporation, and may appoint
and fix the salaries of the president or principal, professors, tutors,
teachers and such other officers and agents as they may deem necessary, and
remove them at pleasure; and may prescribe the course of study to be
observed in the institution, or any department thereof, and may grant
literary honors and degrees pursuant to "An Act to regulate the granting of
academic degrees, diplomas and certificates by certain educational
institutions, to provide penalties for the violation thereof and to make an
appropriation therefor", approved August 14, 1961, as heretofore and
hereafter amended.
(Source: Laws 1963, p. 3485.)
(110 ILCS 50/4) (from Ch. 144, par. 5)
Sec. 4. 
		
		Any corporation which has been incorporated under any special law
of this state for the purpose of establishing or conducting a university,
college, academy or other institution of learning may, by the unanimous
consent of the board of trustees or directors, become incorporated under
the provisions of "An Act to revise the law relating to Corporations not
for pecuniary profit", approved July 17, 1943, as amended, and when so
reorganized shall be deemed to have abandoned its organization under any
special law or charter. The new corporation shall be entitled to and
invested with all the real and personal estate of the old corporation
subject to all the debts, contracts and liabilities of such old
corporation.
(Source: Laws 1951, p. 1238.)
(110 ILCS 50/5a) (from Ch. 144, par. 5a)
Sec. 5a. 
		
		Limited liability of directors and trustees of certain
institutions of learning.  (a) No director or trustee, serving without
compensation other than reimbursement for actual expenses, of a corporation
organized under a special law or charter for the purpose of establishing or
conducting a university, college, academy or other institution of learning
and subject to this Act, shall be liable, and no cause of action may be
brought for damages resulting from the exercise of judgment or discretion
in connection with the duties or responsibilities of such director or
trustee unless the act or omission involved willful or wanton conduct.
(b) As used in this Section "willful or wanton conduct" means a course
of action which shows an actual or deliberate intention to cause harm or
which, if not intentional, shows as utter indifference to or conscious
disregard for the safety of others or their property.
(c) Nothing in this Section is intended to bar any cause of action
against the corporation or
change the liability of the corporation arising out of an act or omission
of a director or trustee exempt from liability for negligence under this Section.
(Source: P.A. 85-867.)
(110 ILCS 50/6) (from Ch. 144, par. 5b)
Sec. 6. 
		
		The governing authorities of any university, college,
academy, or other institution of learning existing under special law or
any law relating to corporations shall prior to the discontinuance of
any such school or institution of learning make adequate arrangements
for the later safekeeping in this State of all scholastic records of its
former students for the purpose of such reference as said students may
need to make of them, either by depositing such records with the
State Board of Education or otherwise.
(Source: P.A. 81-1508.)