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| Public Act 096-0066 |
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AN ACT concerning business.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The Library Incorporation Act is amended by | ||||
changing Sections 3, 3.1, and 4 as follows:
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(75 ILCS 60/3) (from Ch. 81, par. 34)
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Sec. 3.
Upon the filing in his office of such a statement | ||||
as above
stated the
Secretary of State shall issue to the | ||||
incorporators, under his signature and
seal of State, articles | ||||
of incorporation comprised of a certificate, of which the above | ||||
stated
statement shall be a
part, declaring that the | ||||
organization of the corporation is completed. The
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incorporators shall thereupon cause such articles of | ||||
incorporation certificate to be recorded in a
proper record | ||||
book for the purpose in the office of the recorder
of the | ||||
county in which the library is to be located; and thereupon the
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corporation shall be deemed fully organized and may proceed to | ||||
carry out
its corporate purposes, and may receive by | ||||
conveyance, from the trustees
under the will, deed or other | ||||
instrument of donation, the property
provided by will or | ||||
otherwise as above stated for the
endowment of the
library, and | ||||
may hold the same in whatever form it may have been received
or | ||||
conveyed by the trustees until such form is changed by the | ||||
action
of the said corporation.
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(Source: P.A. 84-550.)
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(75 ILCS 60/3.1) (from Ch. 81, par. 34.1)
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Sec. 3.1.
A corporation organized under this Act may amend | ||
its articles of
incorporation, from time to time, in any | ||
respect which is consistent with
this Act. An amendment shall | ||
be adopted at a meeting of the board of
trustees, managers or | ||
directors upon receiving the vote of a majority of
the | ||
trustees, managers or directors in office. Any number of | ||
amendments may
be submitted and voted upon at any one meeting.
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The articles of amendment shall be executed in duplicate by | ||
the
corporation by its secretary, or assistant secretary and by | ||
one other
officer, verified by either of the officers executing | ||
such statement, and
shall set forth:
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(a) The name of the corporation;
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(b) The amendment so adopted; and
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(c) A statement of the date of the meeting of the board of | ||
trustees,
managers or directors at which the amendment was | ||
adopted and of the fact
that such amendment received the vote | ||
of a majority of the trustees,
managers or directors in office.
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Duplicate originals of the articles of amendment shall be | ||
delivered to
the Secretary of State, who shall file one such | ||
duplicate original in his
office, and issue articles a | ||
certificate of amendment to which he shall affix the
other | ||
duplicate original. Such articles certificate of amendment, | ||
with the duplicate
original of the articles of amendment | ||
affixed thereto by the Secretary of
State, shall be returned to | ||
the corporation or its representative and shall
thereupon be | ||
filed by the corporation for record in the office of the
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recorder where the articles of incorporation are recorded.
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Upon the issuance of the articles certificate of amendment | ||
by the Secretary of
State, the amendment shall become effective | ||
and the articles of
incorporation shall be deemed to be amended | ||
accordingly. No amendment shall
affect any existing cause of | ||
action in favor of or against the corporation,
or any pending | ||
action to which such corporation shall be a party.
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(Source: P.A. 83-358.)
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(75 ILCS 60/4) (from Ch. 81, par. 35)
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Sec. 4.
Organizations formed under this Act shall be bodies | ||
corporate and
politic to be known under the names stated in the | ||
respective certificates
or articles of incorporation; and by | ||
such corporate names they shall have
and possess the ordinary | ||
rights and incidents of corporations, and shall be
capable of | ||
taking, holding and disposing of real and personal estate for
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all purposes of their organization. The provisions of any will, | ||
deed or
other instrument by which endowment is given to the | ||
library and accepted by
the trustees, managers or directors | ||
shall, as to such endowment, be a part
of the organic and | ||
fundamental law of such corporation.
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The trustees, managers or directors of any such corporation | ||
shall
compose its members, and shall not be less than 7 nor | ||
more than 25 in
number; shall elect the officers of the | ||
corporation from their number; and
shall have control and | ||
management of its affairs and property; may accept
donations, | ||
and in their discretion hold the same in the form in which they
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are given, for all purposes of science, literature and as are | ||
germane to
the object and purpose of the corporation. They may | ||
fill by election,
vacancies occurring in their own number by | ||
death, incapacity, retirement or
otherwise, and may make lawful | ||
by-laws for the management of the
corporation and of the | ||
library, which by-laws shall set forth what officers
there | ||
shall be of the corporation, and shall define and prescribe | ||
their
respective duties. They may appoint and employ from time | ||
to time such
agents and employees as they may deem necessary | ||
for the efficient
administration and conduct of the library and | ||
other affairs of the
corporation. Whenever any trustee, manager | ||
or director shall be elected to
fill any vacancy, a certificate | ||
under the seal of the corporation, giving
the name of the | ||
person elected, shall be recorded in the office of the
recorder | ||
of the county where the articles of incorporation
are recorded.
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Whenever, by the provisions of such will, deed or other | ||
instrument by
which an endowment is created, the institution | ||
endowed is free and public,
the library and other property of | ||
such corporation shall be forever exempt
from taxation.
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The trustees, managers or directors of such corporation | ||
shall, in the
month of January in each year, cause to be made a | ||
written report to the Secretary
of State for the year ending on | ||
the preceding December 31 of the condition
of the library and | ||
of the funds and other property of the corporation
showing the | ||
assets and investments of such corporation in detail.
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This report shall be verified by
the secretary, or by some | ||
other responsible officer of such corporation. It
shall contain | ||
(1) an itemized statement of the various sums of money
received | ||
from the library fund and from other sources; (2) an itemized
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statement of the objects and purposes for which those sums of | ||
money have
been expended; (3) a statement of the number of | ||
books and periodicals
available for use, and the number and | ||
character thereof circulated; (4) a
statement of the real and | ||
personal property acquired by legacy,
purchase, gift or | ||
otherwise; (5) a statement of the character of any
extensions | ||
of library service which have been undertaken; (6) any other
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statistics, information and suggestions that may be of | ||
interest. A report
shall also be filed, at the same time, with | ||
the Illinois State Library.
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(Source: P.A. 83-1362.)
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Section 10. The State Housing Act is amended by changing | ||
Sections 13, 15, and 16 as follows:
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(310 ILCS 5/13) (from Ch. 67 1/2, par. 163)
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Sec. 13.
No housing corporation shall proceed to | ||
dissolution except upon
the approval of the Illinois Housing | ||
Development Authority, and the
distribution of assets in | ||
dissolution shall be subject to the control and
supervision of | ||
the Illinois Housing Development Authority. No articles | ||
certificate
of dissolution shall be filed by the Secretary of | ||
State unless it shall
have endorsed thereon or be accompanied | ||
by a certificate of the approval of
the Illinois Housing | ||
Development Authority.
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(Source: P.A. 76-1176.)
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(310 ILCS 5/15) (from Ch. 67 1/2, par. 165)
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Sec. 15.
Housing corporations organized on a | ||
not-for-profit basis shall pay
to the Secretary of State the | ||
fee for filing articles of incorporation and
all other fees so | ||
specified in the General Not For Profit Corporation Act of | ||
1986,
approved July 17, 1943, as heretofore and hereafter | ||
amended. Housing
corporations organized on a limited-dividend | ||
basis shall pay to the
Secretary of State the fee for filing | ||
articles of incorporation and all
other fees as specified in | ||
the "Business Corporation Act of
1983", as amended.
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(Source: P.A. 83-1362.)
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(310 ILCS 5/16) (from Ch. 67 1/2, par. 166)
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Sec. 16.
Housing corporations organized on a | ||
not-for-profit basis shall
have the rights, privileges and | ||
immunities of, and shall be subject to the
provisions of, the | ||
General Not For Profit Corporation Act of 1986, approved July
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17, 1943, as heretofore and hereafter amended, in so far as | ||
such provisions
are not inconsistent with the provisions of | ||
this Act. Housing corporations
organized on a limited-dividend | ||
basis shall have the rights, privileges and
immunities of, and | ||
shall be subject to the provisions of, the "Business
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Corporation Act of 1983", as heretofore and hereafter amended,
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in so far as such provisions are not inconsistent with the | ||
provisions of
this Act.
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(Source: P.A. 83-1362.)
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Section 15. The Neighborhood Redevelopment Corporation Law | ||
is amended by changing Sections 8 and 9 as follows:
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(315 ILCS 20/8) (from Ch. 67 1/2, par. 258)
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Sec. 8.
Filing-Issuance of articles certificate of | ||
incorporation.
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Duplicate originals of the statement prescribed by Section | ||
7 of this
Act shall be filed in the office of the Secretary of | ||
State, on forms
prescribed and furnished by the Secretary of | ||
State.
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If the Secretary of State finds that such statement is in | ||
conformity
with the provisions of Section 7 of this Act, he | ||
shall, when all franchise
taxes, fees, and charges have been | ||
paid:
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(1) Endorse on each of such duplicate originals the word | ||
"Filed," and
the month, day, and year of the filing thereof.
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(2) File one of such duplicate originals in his office.
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(3) Issue to the incorporators the duplicate original of | ||
the articles a certificate of incorporation to which
he shall | ||
affix the other duplicate original.
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(Source: Laws 1941, vol. 1, p. 431.)
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(315 ILCS 20/9) (from Ch. 67 1/2, par. 259)
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Sec. 9.
Powers
of neighborhood redevelopment corporations.
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Every corporation organized under this Act shall, subject | ||
to the
conditions and limitations prescribed by this Act, have | ||
the following
rights, powers and privileges:
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(1) To have succession by its corporate name for the period | ||
limited in
its articles certificate of incorporation; | ||
Provided, that in no instance shall
corporate succession exceed | ||
sixty years.
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(2) To sue and be sued in its corporate name.
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(3) To have and use a common seal and alter it at pleasure.
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(4) To have a capital stock of such an amount and divided | ||
into shares as
may be provided in the articles certificate of | ||
incorporation, or any amendment
thereof, subject to the | ||
conditions prescribed by Section 7 of this Act;
Provided, that | ||
the issuance of the shares of stock of every corporation
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organized under this Act shall be subject to supervision and | ||
regulation of
the Redevelopment Commission, as in this Act | ||
provided.
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(5) To acquire, own, use, convey and otherwise dispose of | ||
and deal in
Real Property, however acquired, subject to the | ||
conditions and restrictions
of this Act; Provided, that no | ||
single sale, mortgage, lease or conveyance
of two-thirds or | ||
more of the corporate assets shall be made, except within
a | ||
period of one year immediately preceding the expiration by | ||
lapse of time
of the corporate charter, without the consent of | ||
the holders of two-thirds
of all the outstanding capital stock | ||
of the corporation at any annual
meeting or at any special | ||
meeting called for that purpose; Provided
further, that no Real | ||
Property shall ever be acquired, owned or used by
such | ||
corporation outside its Development Area.
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(6) To borrow money for its corporate purposes at such rate | ||
of interest
as the corporation may determine, subject to the | ||
approval of the
Redevelopment Commission as in this Act | ||
provided; and to mortgage or pledge
its property, both real and | ||
personal, to secure the payment thereof.
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(7) To elect officers, appoint agents, define their duties | ||
and fix their
compensation.
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(8) Subject to the provisions of this Act, to acquire Real | ||
Property by
exercise of the power of eminent domain in the | ||
manner provided by the
general laws of the State relating | ||
thereto.
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(9) To make and alter by-laws, not inconsistent with its | ||
articles of
incorporation or with the laws of this State, for | ||
the administration and
regulation of the affairs of the | ||
corporation.
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(10) To conduct business in this State, subject to the | ||
provisions of
this Act.
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(11) To cease doing business and to surrender its charter.
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(12) To have and exercise all the powers necessary and | ||
convenient to
carry into effect the purposes for which the | ||
corporation is formed.
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(Source: Laws 1941, vol. 1, p. 431.)
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Section 20. The Business Corporation Act of 1983 is amended | ||
by changing Sections 4.10, 4.20, 11.37, 12.50, 15.45, and 15.90 | ||
as follows:
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(805 ILCS 5/4.10) (from Ch. 32, par. 4.10)
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Sec. 4.10. Reserved name. The exclusive right to the use of | ||
a corporate
name or an assumed corporate name, as the case may | ||
be, may be reserved by:
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(a) Any person intending to organize a corporation under | ||
this Act.
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(b) Any domestic corporation intending to change its name.
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(c) Any foreign corporation intending to make application | ||
for a certificate
of authority to transact business in this | ||
State.
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(d) Any foreign corporation authorized to transact | ||
business in this State
and intending to change its name.
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(e) Any person intending to organize a foreign corporation | ||
and intending
to have such corporation make application for a | ||
certificate of authority
to transact business in this State.
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(f) Any domestic corporation intending to adopt an assumed | ||
corporate name.
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(g) Any foreign corporation authorized to transact | ||
business in this State
and intending to adopt an assumed | ||
corporate name.
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Such reservation shall be made by filing in the office of | ||
the Secretary
of State an application to reserve a specified | ||
corporate name or a specified
assumed corporate name, executed | ||
by the applicant. If the Secretary of State
finds that such | ||
name is available for corporate use, he or she shall reserve
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the same for the exclusive use of such applicant for a period | ||
of ninety days
or until surrendered by a written cancellation | ||
document signed by the
applicant,
whichever is sooner.
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The right to the exclusive use of a specified corporate | ||
name or assumed
corporate name so reserved may be transferred | ||
to any other person by filing
in the office of the Secretary of | ||
State a notice of such transfer, executed
by the person for | ||
whom such name was reserved, and specifying the name and
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address of the transferee.
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The Secretary of State may revoke any reservation if, after | ||
a hearing,
he or she finds that the application therefor or any | ||
transfer thereof was
made contrary to this Act.
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(Source: P.A. 93-59, eff. 7-1-03.)
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(805 ILCS 5/4.20) (from Ch. 32, par. 4.20)
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Sec. 4.20. Change and cancellation of assumed corporate | ||
name.
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(a) Any domestic or foreign corporation may, pursuant to | ||
resolution by
its board of directors, change or cancel any or | ||
all of its assumed
corporate names by executing and filing, in | ||
accordance with Section 1.10 of
this Act, an application | ||
setting forth:
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(1) The true corporate name.
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(2) The state or country under the laws of which it is | ||
organized.
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(3) That it intends to cease transacting business under | ||
an assumed
corporate name by changing or cancelling it.
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(4) The assumed corporate name to be changed from or | ||
cancelled.
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(5) If the assumed corporate name is to be changed, the | ||
assumed
corporate name that the corporation proposes to | ||
use.
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(b) Upon the filing of an application to change an assumed | ||
corporate
name, the corporation shall have the right to use the | ||
assumed corporate
name for the balance of the period authorized | ||
by subsection (d) of
Section 4.15.
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(c) The right to use an assumed corporate name shall be | ||
cancelled by the
Secretary of State:
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(1) If the corporation fails to renew an assumed | ||
corporate name.
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(2) If the corporation has filed an application to | ||
change or cancel an
assumed corporate name.
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(3) If a domestic corporation has been dissolved.
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(4) If a foreign corporation has had its certificate of | ||
authority to do
business in this State revoked.
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(Source: P.A. 87-516.)
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(805 ILCS 5/11.37) (from Ch. 32, par. 11.37)
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Sec. 11.37.
Merger or consolidation of domestic or foreign
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corporations and domestic not for profit corporations.
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(a) One or more
domestic corporations or one or more | ||
foreign corporations may merge into a
domestic not for profit | ||
corporation subject to the provisions of the
General Not For | ||
Profit Corporation Act of 1986, as amended, provided that
in | ||
the case of a foreign corporation for profit, such merger is | ||
permitted by
the laws of the State or country under which
such | ||
foreign corporation for profit is organized.
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(b) Each domestic corporation shall comply with the | ||
provisions of this
Act with respect to the merger of domestic | ||
corporations,
each domestic not for profit corporation shall | ||
comply with the provisions
of the General Not For Profit | ||
Corporation Act of 1986, as amended. With
respect to merger of | ||
domestic not for profit corporations,
each foreign corporation | ||
for profit shall comply with the laws of the state
or country | ||
under which it is organized, and each foreign corporation for
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profit having a certificate of authority to transact business | ||
in this State
under the provisions of this Act shall comply | ||
with the provisions of this
Act with respect to merger of | ||
foreign corporations for
profit.
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(c) The plan of merger shall set forth, in addition to
all | ||
matters required by Section 11.05 of this Act, the manner and | ||
basis of
converting shares of each merging domestic or foreign
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corporation for profit into membership or other interests of | ||
the surviving domestic not for profit corporation, or into | ||
cash, or into property,
or into any combination of the | ||
foregoing.
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(d) The effect of a merger under this Section shall be
the | ||
same as in the case of a merger of domestic
corporations as set | ||
forth in subsection (a) of Section 11.50 of this Act.
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(e) When such merger has been effected, the shares of
the | ||
corporation or corporations to be converted under the terms of | ||
the plan
cease to exist. The holders of those shares are | ||
entitled only to the
membership or other interests, cash, or | ||
other property or combination
thereof, into which those shares | ||
have been converted in accordance with the
plan, subject to any | ||
dissenters' rights under Section 11.70 of this Act.
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(Source: P.A. 93-59, eff. 7-1-03.)
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(805 ILCS 5/12.50) (from Ch. 32, par. 12.50)
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Sec. 12.50. Grounds for judicial dissolution in actions by | ||
nonshareholders.
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(a) A Circuit Court may dissolve a corporation:
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(1) In an action by the Attorney General, if it is | ||
established that:
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(i) The corporation filed its articles obtained | ||
its certificate of incorporation through
fraud; or
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(ii) The corporation has continued to exceed or | ||
abuse the
authority conferred upon it by law, or has | ||
continued to violate the law, after
notice of the same | ||
has been given to such corporation, either personally | ||
or by
registered mail; or
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(iii) Any interrogatory propounded by the | ||
Secretary of State to the
corporation, its officers or | ||
directors, as provided in this Act, has been
answered | ||
falsely or has not been answered fully within 30 days | ||
after the
mailing of such interrogatories by the | ||
Secretary of State or within such
extension of time as | ||
shall have been authorized by the Secretary of State.
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(2) In an action by a creditor, if it is established | ||
that:
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(i) The creditor's claim has been reduced to | ||
judgment, a
copy of
the judgment has been returned | ||
unsatisfied, and the corporation is insolvent;
or
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(ii) The corporation has admitted in writing that | ||
the
creditor's claim is due and owing, and the | ||
corporation is insolvent.
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(3) In an action by the corporation to dissolve under | ||
court supervision,
if it is established that dissolution is | ||
reasonably necessary because the
business of the | ||
corporation can no longer be conducted to the general | ||
advantage
of its shareholders.
| ||
(b) As an alternative to dissolution, the court may order | ||
any of the other
remedies contained in subsection (b) of | ||
Section 12.55.
| ||
(Source: P.A. 89-169, eff. 7-19-95; 89-364, eff. 8-18-95.)
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(805 ILCS 5/15.45) (from Ch. 32, par. 15.45)
| ||
Sec. 15.45. Rate of franchise taxes payable by domestic | ||
corporations.
| ||
(a) The annual franchise tax payable by each domestic | ||
corporation
shall be computed at the rate of 1/12 of 1/10 of 1% | ||
for each calendar month
or fraction thereof for the period | ||
commencing on the first day of July 1983
to the first day of | ||
the anniversary month in 1984, but in no event shall
the amount | ||
of the annual franchise tax be less than $2.08333 per month | ||
assessed
on a minimum of $25 per annum or more than | ||
$83,333.333333 per month;
commencing on January 1, 1984 to the | ||
first day of the anniversary month in
2004, the annual | ||
franchise tax payable by each domestic
corporation
shall be | ||
computed at the rate of 1/10 of 1% for the 12-months' period
| ||
commencing on the first day of the anniversary month or, in
| ||
cases where
a corporation has established an extended filing | ||
month, the extended filing
month of the corporation, but in no | ||
event shall the amount of the annual
franchise tax be less than | ||
$25 nor more than $1,000,000 per annum; commencing
with the | ||
first anniversary month that occurs after December,
2003,
the | ||
annual franchise tax payable by each domestic corporation shall | ||
be computed
at the rate of 1/10 of 1% for the 12-months' period | ||
commencing on the first day
of the anniversary month or, in | ||
cases where a corporation has established
an
extended filing | ||
month, the extended filing month of the corporation, but in
no | ||
event shall the amount of the annual franchise tax be less than | ||
$25 nor more
than $2,000,000 per annum.
| ||
(b) The annual franchise tax payable by each domestic | ||
corporation at the
time of filing a statement of election and | ||
interim annual report in
connection with an anniversary month | ||
prior to January, 2004 shall be
computed at the rate of 1/10 of | ||
1% for the 12 month period commencing on
the first day of the | ||
anniversary month of the corporation next following
such | ||
filing, but in no event shall the amount of the annual | ||
franchise tax
be less than $25 nor more than $1,000,000 per | ||
annum; commencing with the
first anniversary month that occurs | ||
after December,
2003,
the annual franchise tax payable by each | ||
domestic corporation at the time of
filing a statement of | ||
election and interim annual report shall be computed
at the | ||
rate of 1/10 of 1% for the 12-month period commencing on the | ||
first day
of the anniversary month of the corporation next | ||
following such filing, but in
no event shall the amount of the | ||
annual
franchise tax be less than $25 nor more
than $2,000,000 | ||
per annum.
| ||
(c) The annual franchise tax payable at the time of filing | ||
the final
transition annual report in connection with an | ||
anniversary month prior to
January, 2004 shall be an amount | ||
equal to (i) 1/12 of 1/10 of 1%
per month of the proportion of | ||
paid-in capital represented in this State as
shown in the final | ||
transition annual report multiplied by (ii) the number
of | ||
months commencing with the anniversary month next following the | ||
filing
of the statement of election until, but excluding, the | ||
second extended
filing month, less the annual franchise tax | ||
theretofore paid at the time of
filing the statement of | ||
election, but in no event shall the amount of the
annual | ||
franchise tax be less than $2.08333 per month assessed on a | ||
minimum
of $25 per annum or more than $83,333.333333 per month; | ||
commencing with the
first anniversary month that occurs after | ||
December,
2003,
the annual franchise tax payable at the time of | ||
filing the final transition
annual report shall be an amount | ||
equal to (i) 1/12 of 1/10 of 1% per month of
the proportion of | ||
paid-in capital represented in this State as shown in the
final | ||
transition annual report multiplied by (ii) the number of | ||
months
commencing with the anniversary month next following the | ||
filing of the
statement of election until, but excluding, the | ||
second extended filing month,
less the annual franchise tax | ||
theretofore paid at the time of filing the
statement of | ||
election, but in no event shall the amount of the annual | ||
franchise
tax be less than $2.08333 per month assessed on a | ||
minimum of $25 per annum or
more than $166,666.666666 per | ||
month.
| ||
(d) The initial franchise tax payable after January 1, | ||
1983, but prior
to
January 1, 1991, by each domestic | ||
corporation shall be computed at the rate
of 1/10 of 1% for the | ||
12 months' period commencing on the first day of the
| ||
anniversary month in which the articles of incorporation are | ||
filed by certificate of incorporation is issued to
the | ||
corporation under Section 2.10 of this Act, but in no event | ||
shall
the franchise tax be less than $25 nor more than | ||
$1,000,000 per annum.
The initial franchise tax payable on or | ||
after January 1, 1991, but prior to
January 1, 2004, by each
| ||
domestic corporation shall be computed at the rate of 15/100 of | ||
1% for the
12 month period commencing on the first day of the | ||
anniversary month in
which the articles of incorporation are | ||
filed in
accordance
with
Section 2.10 of this Act, but in no | ||
event shall the initial franchise tax
be less than $25 nor more | ||
than $1,000,000 per annum plus 1/20th of 1% of
the basis | ||
therefor.
The initial franchise tax payable on or after January | ||
1, 2004, by each
domestic corporation shall be computed at the | ||
rate of 15/100 of 1% for the
12-month period commencing on the | ||
first day of the anniversary month in which
the
articles of | ||
incorporation are filed in accordance with Section 2.10 of this
| ||
Act,
but in no event shall the initial franchise tax be less | ||
than $25 nor more than
$2,000,000 per annum plus 1/10th of 1% | ||
of the basis therefor.
| ||
(e) Each additional franchise tax payable by each domestic | ||
corporation
for
the period beginning January 1, 1983 through | ||
December 31, 1983 shall be
computed at the rate of 1/12 of 1/10 | ||
of 1% for each calendar month or fraction
thereof, between the | ||
date of each respective increase in its paid-in capital
and its | ||
anniversary month in 1984; thereafter until the last day of the
| ||
month that is both after December 31, 1990 and the
third month | ||
immediately preceding the anniversary month in 1991, each
| ||
additional franchise tax payable by each domestic corporation | ||
shall be
computed at the rate of 1/12 of 1/10 of 1% for each | ||
calendar month, or
fraction thereof, between the date of each | ||
respective increase in
its paid-in capital and its next | ||
anniversary month; however, if the increase
occurs within the 2 | ||
month period immediately preceding the anniversary month,
the | ||
tax shall be computed to the anniversary month of the next | ||
succeeding
calendar year. Commencing with increases in paid-in | ||
capital that occur
subsequent to both December 31, 1990 and the | ||
last day of the third
month immediately preceding the | ||
anniversary month in 1991, the additional
franchise tax payable | ||
by a domestic corporation shall be computed at the
rate of | ||
15/100 of 1%.
| ||
(Source: P.A. 93-32, eff. 12-1-03.)
| ||
(805 ILCS 5/15.90) (from Ch. 32, par. 15.90)
| ||
Sec. 15.90. Statute of limitations.
| ||
(a) Except as otherwise provided
in this Section and | ||
notwithstanding anything to the contrary contained in
any other | ||
Section of this Act, no domestic corporation or foreign
| ||
corporation shall be obligated to pay any annual franchise tax, | ||
fee,
or penalty or interest thereon imposed under this Act, nor | ||
shall any
administrative or judicial sanction
(including | ||
dissolution) be imposed or enforced nor access to the courts of
| ||
this State be denied based upon nonpayment thereof more than 7 | ||
years
after the date of filing the annual report with respect | ||
to the period
during which the obligation for the tax, fee, | ||
penalty or
interest arose, unless (1) within that 7 year period | ||
the Secretary of State
sends a written notice to the | ||
corporation to the effect that (A)
administrative or judicial | ||
action to dissolve the corporation or revoke its
certificate of | ||
authority for nonpayment of a tax, fee, penalty or interest
has | ||
been commenced; or (B) the corporation has submitted a report
| ||
but has
failed to pay a tax, fee, penalty or interest required | ||
to be paid
therewith; or (C) a report with respect to an event | ||
or action giving rise
to an obligation to pay a tax, fee, | ||
penalty or interest is required but has
not been filed, or has | ||
been filed and is in error or incomplete; or (2)
the annual | ||
report by the corporation was filed with fraudulent
intent to | ||
evade taxes payable under this Act. A corporation
nonetheless | ||
shall be required to pay all taxes
that would have been payable | ||
during the most recent 7 year period due to a
previously | ||
unreported increase in paid-in capital that occurred prior to
| ||
that 7 year period and interest and penalties thereon for that | ||
period, except that, from February 1, 2008 through March 15, | ||
2008, with respect to any corporation that participates in the | ||
Franchise Tax and License Fee Amnesty Act of 2007, the | ||
corporation shall be only required to pay all taxes that would | ||
have been payable during the most recent 4 year period due to a | ||
previously unreported increase in paid-in capital that | ||
occurred prior to that 7 year period.
| ||
(b) If within 2 years following a change in control of a | ||
corporation the
corporation voluntarily pays in good faith all | ||
known obligations of
the corporation imposed by this Article 15 | ||
with respect to reports that
were required to have been filed | ||
since the beginning of the 7 year period
ending on the | ||
effective date of the change in control, no action shall be
| ||
taken to enforce or collect obligations of that corporation | ||
imposed by this
Article 15 with respect to reports that were | ||
required to have been filed
prior to that 7 year period | ||
regardless of whether the limitation period set
forth in | ||
subsection (a) is otherwise applicable. For purposes of this
| ||
subsection (b), a change in control means a transaction, or a | ||
series of
transactions consummated within a period of 180 | ||
consecutive days, as a
result of which a person which owned | ||
less than 10% of the shares having the
power to elect directors | ||
of the corporation acquires shares such that the
person becomes | ||
the holder of 80% or more of the shares having such power.
For | ||
purposes of this subsection (b) a person means any natural | ||
person,
corporation, partnership, trust or other entity | ||
together with all other
persons controlled by, controlling or | ||
under common control with such person.
| ||
(c) Except as otherwise provided in this Section and | ||
notwithstanding
anything to the contrary contained in any other | ||
Section of this Act, no foreign
corporation that has not | ||
previously obtained a certificate of authority under
this Act | ||
shall, upon voluntary application for a certificate of | ||
authority filed
with the Secretary of State prior to January 1, | ||
2001, be obligated to pay any
tax, fee, penalty, or interest | ||
imposed under this Act, nor shall any
administrative or | ||
judicial sanction be imposed or enforced based upon
nonpayment | ||
thereof with respect to a period during which the obligation | ||
arose
that is prior to January 1, 1993 unless (1) prior to | ||
receipt of the application
for a certificate of authority the | ||
Secretary of State had sent written notice
to
the corporation | ||
regarding its failure to obtain an application for a | ||
certificate of authority, (2)
the corporation had submitted an | ||
application for a certificate of authority
previously but had | ||
failed to pay any tax, fee, penalty or interest to be paid
| ||
therewith, or (3) the application for a certificate of | ||
authority was submitted
by
the corporation with fraudulent | ||
intent to evade taxes payable under this Act.
A
corporation | ||
nonetheless shall be required to pay all taxes and fees due | ||
under
this Act that would have been payable since January 1, | ||
1993 as a result of
commencing the transaction of its business | ||
in this State and interest thereon
for that period.
| ||
(Source: P.A. 95-233, eff. 8-16-07; 95-707, eff. 1-11-08.)
| ||
Section 25. The General Not For Profit Corporation Act of | ||
1986 is amended by changing Sections 101.70, 104.05, 104.20, | ||
112.50, 113.20, 113.55, and 113.70 as follows:
| ||
(805 ILCS 105/101.70) (from Ch. 32, par. 101.70)
| ||
Sec. 101.70. Application of Act. (a) Except as
otherwise | ||
provided in this Act, the
provisions of this Act relating to | ||
domestic corporations
shall apply to:
| ||
(1) All corporations organized hereunder;
| ||
(2) All corporations heretofore organized under the
| ||
"General Not for Profit Corporation Act", approved July 17, | ||
1943,
as amended;
| ||
(3) All not-for-profit corporations heretofore
organized | ||
under Sections 29 to 34, inclusive, of an Act
entitled "An Act | ||
Concerning Corporations" approved April 18,
1872, in force July | ||
1, 1872, as amended;
| ||
(4) Each not-for-profit corporation, without shares or
| ||
capital stock, heretofore organized under any general law or
| ||
created by Special Act of the Legislature of this State for
a | ||
purpose or purposes for which a corporation may be
organized | ||
under this Act, but not otherwise entitled to the
rights, | ||
privileges, immunities and franchises provided by
this Act, | ||
which shall elect to accept this Act as
hereinafter provided; | ||
and
| ||
(5) Each corporation having shares or capital stock,
| ||
heretofore organized under any general law or created by
| ||
Special Act of the Legislature of this State prior to the
| ||
adoption of the Constitution of 1870, for a purpose or
purposes | ||
for which a corporation may be organized under this
Act, which | ||
shall elect to accept this Act as hereinafter
provided.
| ||
(b) Except as otherwise provided by this Act,
the | ||
provisions of this Act relating to foreign
corporations shall | ||
apply to:
| ||
(1) All foreign corporations which procure a
certificate of | ||
authority hereunder to conduct affairs in
this State;
| ||
(2) All foreign corporations heretofore having a
| ||
certificate of authority to conduct affairs in this State
under | ||
the "General Not for Profit Corporation Act",
approved July 17, | ||
1943, as amended; and
| ||
(3) All foreign not-for-profit corporations conducting
| ||
affairs in this State for a purpose or purposes for which a
| ||
corporation might be organized under this Act.
| ||
(c) The provisions of subsection (b) of Section 110.05 of
| ||
this Act relating to revival of the articles of
incorporation | ||
and extension of the period of corporate
duration of a domestic | ||
corporation shall apply to all
corporations organized under the | ||
"General Not for Profit
Corporation Act", approved July 17, | ||
1943, as amended, and
whose period of duration has expired. | ||
(d) The provisions of Section 112.45 of this Act relating
| ||
to reinstatement following administrative dissolution of a
| ||
domestic corporation shall apply to all corporations
| ||
involuntarily dissolved after June 30, 1974, by the
Secretary | ||
of State, pursuant to Section 50a of the "General
Not for | ||
Profit Corporation Act", approved July 17, 1943,
as amended. | ||
(e) The provisions of Section 113.60 of this Act relating
| ||
to reinstatement following revocation of the certificate of
| ||
authority of a foreign corporation shall apply to all
foreign | ||
corporations which had their certificates of
authority revoked | ||
by the Secretary of State pursuant to
Section 84 or Section 84a | ||
of the "General Not for Profit
Corporation Act", approved July | ||
17, 1943, as amended.
| ||
(Source: P.A. 84-1423.)
| ||
(805 ILCS 105/104.05) (from Ch. 32, par. 104.05)
| ||
Sec. 104.05. Corporate name of domestic or foreign
| ||
corporation. | ||
(a) The corporate name of a domestic
corporation or of a | ||
foreign corporation organized, existing
or subject to the | ||
provisions of this Act:
| ||
(1) May contain, separate and apart from any other
word | ||
or abbreviation in such name, the word "corporation,"
| ||
"company," "incorporated," or "limited," or an | ||
abbreviation
of one of such words;
| ||
(2) Must end with the letters "NFP" if the corporate | ||
name contains
any word or phrase which indicates or implies | ||
that the corporation is organized
for any purpose other | ||
than a purpose for which corporations may be organized
| ||
under this Act or a purpose other than a purpose set forth | ||
in the corporation's
articles of incorporation;
| ||
(3) Shall be distinguishable upon the records in the
| ||
the office of the Secretary of State from the name or | ||
assumed name of any domestic corporation or limited | ||
liability company
organized under the Limited Liability | ||
Company Act, whether
for profit or not for profit, existing | ||
under any Act of this
State or the name or assumed name of | ||
any foreign corporation or foreign
limited liability | ||
company registered under the Limited Liability Company | ||
Act,
whether for profit or
not for profit, authorized to | ||
transact business or conduct
affairs in this State, or a | ||
name the exclusive right to
which is, at the time, reserved | ||
or registered in the manner
provided in this Act or Section | ||
1-15 of the Limited Liability Company Act,
except that, | ||
subject to the discretion
of the
Secretary of State, a | ||
foreign corporation that has a
name prohibited by this | ||
paragraph may be granted issued a
certificate of authority | ||
to conduct its affairs in this
State, if the foreign | ||
corporation:
| ||
(i) Elects to adopt an assumed corporation name
or | ||
names in accordance with Section 104.15 of this Act; | ||
and
| ||
(ii) Agrees in its application for a certificate
of | ||
authority to conduct affairs in this State only under
| ||
such assumed corporate name or names;
| ||
(4) Shall not contain a word or phrase, or an
| ||
abbreviation or derivation thereof, the use of which is
| ||
prohibited or restricted by any other statute of this State
| ||
unless such restriction has been complied with;
| ||
(5) Shall consist of letters of the English alphabet,
| ||
Arabic or Roman numerals, or symbols capable of being
| ||
readily reproduced by the office of the Secretary of State;
| ||
(6) Shall not contain the words "regular democrat,"
| ||
"regular democratic," "regular republican," "democrat,"
| ||
"democratic," or "republican," nor the name of any other
| ||
established political party, unless consent to usage of | ||
such
words or name is given to the corporation by the State | ||
central committee
of such established
political party; | ||
notwithstanding any other provisions of this Act, any
| ||
corporation, whose name at the time this amendatory
Act | ||
takes effect contains any of the words listed in this | ||
paragraph shall
certify to the Secretary of State no later | ||
than January 1, 1989, that
consent has been given by the | ||
State central committee; consent given to a
corporation by | ||
the State central committee to use the above listed words
| ||
may be revoked upon notification to the corporation and the | ||
Secretary of State;
and
| ||
(7) Shall be the name under which the corporation
shall | ||
conduct affairs in this State unless the corporation
shall | ||
also elect to adopt an assumed corporate name or names
as | ||
provided in this Act; provided, however, that the
| ||
corporation may use any divisional designation or trade | ||
name
without complying with the requirements of this Act,
| ||
provided the corporation also clearly discloses its
| ||
corporate name.
| ||
(b) The Secretary of State shall determine whether a name
| ||
is "distinguishable" from another name for purposes of this
| ||
Act. Without excluding other names which may not constitute
| ||
distinguishable names in this State, a name is not
considered | ||
distinguishable, for purposes of this Act, solely
because it | ||
contains one or more of the following:
| ||
(1) The word "corporation," "company," "incorporated,"
| ||
or "limited" or an abbreviation of one of such words;
| ||
(2) Articles, conjunctions, contractions,
| ||
abbreviations, different tenses or number of the same word.
| ||
(c) Nothing in this Section or Sections 104.15 or 104.20 of
| ||
this Act shall:
| ||
(1) Require any domestic corporation existing or any
| ||
foreign corporation having a certificate of authority to | ||
conduct affairs on the
effective date of this Act, to | ||
modify or otherwise change
its corporate name or assumed | ||
corporate name, if any; or
| ||
(2) Abrogate or limit the common law or statutory law
| ||
of unfair competition or unfair trade practices, nor
| ||
derogate from the common law or principles of equity or the
| ||
statutes of this State or of the United States with respect
| ||
to the right to acquire and protect copyrights, trade | ||
names,
trade marks, service names, service marks, or any | ||
other
right to the exclusive use of name or symbols.
| ||
(Source: P.A. 92-33, eff. 7-1-01; revised 10-28-08.)
| ||
(805 ILCS 105/104.20) (from Ch. 32, par. 104.20)
| ||
Sec. 104.20.
Change and cancellation of assumed
corporate | ||
name. (a) Any domestic or foreign corporation may, pursuant to
| ||
resolution by its board of directors, change or cancel any
or | ||
all of its assumed corporate names by executing and
filing, in | ||
accordance with Section 101.10 of this Act, an
application | ||
setting forth:
| ||
(1) The true corporate name;
| ||
(2) The state or country under the laws of which it is
| ||
organized;
| ||
(3) That it intends to cease conducting affairs under
an | ||
assumed corporate name by changing or canceling it;
| ||
(4) The assumed corporate name to be changed from or
| ||
cancelled;
| ||
(5) If the assumed corporate name is to be changed,
the | ||
assumed corporate name which the corporation proposes to
use.
| ||
(b) Upon the filing of an application to change an assumed
| ||
corporate name, the corporation shall have the right to use
| ||
such assumed corporate name for the period authorized by
| ||
subsection (d) of Section 104.15 of this Act.
| ||
(c) The right to use an assumed corporate name shall be
| ||
cancelled by the Secretary of State:
| ||
(1) If the corporation fails to renew an assumed
corporate | ||
name;
| ||
(2) If the corporation has filed an application to
change | ||
or cancel an assumed corporate name;
| ||
(3) If a domestic corporation has been dissolved;
| ||
(4) If a foreign corporation has had its certificate
of | ||
authority to conduct affairs in this State revoked.
| ||
(Source: P.A. 85-1269.)
| ||
(805 ILCS 105/112.50) (from Ch. 32, par. 112.50)
| ||
Sec. 112.50. Grounds for judicial dissolution. A
Circuit | ||
Court may dissolve a corporation:
| ||
(a) In an action by the Attorney General, if it is
| ||
established that:
| ||
(1) The corporation filed its articles obtained its | ||
certificate of
incorporation through fraud; or
| ||
(2) The corporation has continued to exceed or abuse
the | ||
authority conferred upon it by law, or has continued to
violate | ||
the law, after notice of the same has been given to
such | ||
corporation, either personally or by registered mail;
or
| ||
(3) Any interrogatory propounded by the Secretary of
State | ||
to the corporation, its officers or directors, as
provided in | ||
this Act, has been answered falsely or has not
been answered | ||
fully within 30 days after the mailing of such
interrogatories | ||
by the Secretary of State or within such
extension of time as | ||
shall have been authorized by the
Secretary of State;
| ||
(4) The corporation has solicited money and failed to
use | ||
the money for the purpose which it was solicited, or has
| ||
fraudulently solicited money or fraudulently used the money
| ||
solicited; or
| ||
(5) The corporation has substantially and willfully
| ||
violated the provisions of the Consumer Fraud and Deceptive
| ||
Business Practices Act.
| ||
(b) In an action by a member entitled to vote, or a
| ||
director, if it is established that:
| ||
(1) The directors are deadlocked, whether because of
even | ||
division in the number thereof or because of greater
than | ||
majority voting requirements in the articles of
incorporation | ||
or the bylaws, in the management of the
corporate affairs; the | ||
members are unable to break the
deadlock; and irreparable | ||
injury to the corporation is
thereby caused or threatened;
| ||
(2) The directors or those in control of the
corporation | ||
have acted, are acting, or will act in a manner
that is | ||
illegal, oppressive or fraudulent;
| ||
(3) The corporate assets are being misapplied or
wasted; or
| ||
(4) The corporation is unable to carry out its
purposes.
| ||
(c) In an action by a creditor, if it is established that:
| ||
(1) The creditor's claim has been reduced to judgment,
the | ||
judgment has been returned unsatisfied, and the
corporation is | ||
insolvent; or
| ||
(2) The corporation has admitted in writing that the
| ||
creditor's claim is due and owing, and the corporation is
| ||
insolvent.
| ||
(d) In an action by the corporation to dissolve under court
| ||
supervision, if it is established that the corporation is
| ||
unable to carry out its purposes.
| ||
(Source: P.A. 84-1423.)
| ||
(805 ILCS 105/113.20) (from Ch. 32, par. 113.20)
| ||
Sec. 113.20. Effect of certificate of authority. Upon
the | ||
filing of the application for
authority by the Secretary
of | ||
State, the corporation shall have the right to conduct
affairs | ||
in this State for those purposes set forth in its
application, | ||
subject, however, to the right of this State to
revoke such | ||
right to conduct affairs in this State as
provided in this Act.
| ||
(Source: P.A. 92-33, eff. 7-1-01.)
| ||
(805 ILCS 105/113.55) (from Ch. 32, par. 113.55)
| ||
Sec. 113.55.
Procedure for revocation of certificate of
| ||
authority.
| ||
(a) After the Secretary of State determines
that one or | ||
more grounds exist under Section 113.50 of this
Act for the | ||
revocation of authority of a
foreign corporation, he or she | ||
shall send by regular mail to
each delinquent corporation a | ||
Notice of Delinquency to its
registered office, or, if the | ||
corporation has failed to
maintain a registered office, then to | ||
the president or other
principal officer at the last known | ||
office of said officer.
| ||
(b) If the corporation does not correct the default within
| ||
90 days following such notice, the Secretary of State shall
| ||
thereupon revoke the authority of the
corporation by issuing a | ||
certificate of revocation that
recites the grounds for | ||
revocation and its effective date.
The Secretary of State shall | ||
file the original of the
certificate in his or her office, mail | ||
one copy to the
corporation at its registered office
or, if the | ||
corporation has failed to maintain a registered office, then to
| ||
the president or
other principal officer at the last known | ||
office of said officer,
and file one copy for record in the
| ||
office of the Recorder of the county in which the registered | ||
office of the
corporation in this State is situated, to be | ||
recorded by such Recorder.
The Recorder shall submit for | ||
payment, on a quarterly basis, to the Secretary
of State
the | ||
amount of filing fees incurred.
| ||
(c) Upon the issuance of the certificate of revocation, the
| ||
authority of the corporation to conduct affairs in this
State | ||
shall cease and such revoked corporation shall not
thereafter | ||
conduct any affairs in this State.
| ||
(Source: P.A. 92-33, eff. 7-1-01; 93-59, eff. 7-1-03.)
| ||
(805 ILCS 105/113.70) (from Ch. 32, par. 113.70)
| ||
Sec. 113.70.
Conducting affairs without
authority. No | ||
foreign corporation conducting affairs in
this state without | ||
authority to do so is permitted
to maintain a civil action in | ||
any court of this State, until
such corporation obtains such | ||
authority. Nor
shall a civil action be maintained in any court | ||
of this
State by any successor or assignee of such corporation | ||
on
any right, claim or demand arising out of conducting affairs
| ||
by such corporation in this State, until
authority to conduct | ||
affairs in this State is obtained by such corporation
or by a
| ||
corporation which has acquired all or substantially all of
its | ||
assets. The failure of a foreign corporation to obtain
a | ||
certificate of authority to conduct affairs in this State
does | ||
not impair the validity of any contract or act of such
| ||
corporation, and does not prevent such corporation from
| ||
defending any action in any court of this State.
| ||
(Source: P.A. 92-33, eff. 7-1-01.)
| ||
Section 30. The Co-operative Act is amended by changing | ||
Section 4 as follows:
| ||
(805 ILCS 310/4) (from Ch. 32, par. 308)
| ||
Sec. 4.
Duplicate originals of the articles of | ||
incorporation shall be
delivered to the Secretary of State. If | ||
the Secretary of State finds that
the articles of incorporation | ||
conform to law, he shall, when all franchise
taxes, fees, and | ||
charges have been paid: (a) Endorse on each of such
duplicate | ||
originals the word "Filed," and the month, day, and year of the
| ||
filing thereof; (b) file one of such duplicate originals in his | ||
office; (c) return a true copy of the articles of incorporation | ||
to the incorporators or their representative, who shall within | ||
15 days file such document
issue a certificate of incorporation | ||
to which he shall affix the other
duplicate original. The | ||
certificate of incorporation, together with the
duplicate | ||
original of the articles of incorporation affixed thereto by | ||
the
Secretary of State, shall be returned to the incorporators | ||
or their
representative and within 15 days from the date | ||
thereof shall be filed
for record in the office of the recorder | ||
of the county in which
the registered office of the corporation | ||
in this State is situated. Upon
the filing of the articles | ||
issuance of the certificate of incorporation by the Secretary | ||
of State,
the corporate existence shall begin, and such | ||
articles certificate of incorporation
shall be conclusive | ||
evidence, except as against the State, that all
conditions | ||
precedent required to be performed by the incorporators have
| ||
been complied with and that the corporation has been | ||
incorporated under
this Act.
| ||
(Source: P.A. 83-358.)
| ||
Section 35. The Cemetery Association Act is amended by | ||
changing Sections 2 and 3 as follows:
| ||
(805 ILCS 320/2) (from Ch. 21, par. 36)
| ||
Sec. 2.
Whenever six (6) or more persons shall present to | ||
the Secretary of
State a petition setting forth that they | ||
desire to organize a Cemetery
Association under this act, to be | ||
located in (here insert the county) and
that said Cemetery | ||
Association shall be known by the name and style of
(here | ||
insert the name of the association), that the Secretary of | ||
State
shall issue to such persons and their successors in | ||
trust, articles a certificate of
organization, which said | ||
articles certificate of organization shall be in perpetuity
and | ||
in trust for the use and benefit of all persons who may acquire | ||
burial
lots in said cemetery.
| ||
(Source: Laws 1903, p. 90.)
| ||
(805 ILCS 320/3) (from Ch. 21, par. 37)
| ||
Sec. 3.
| ||
The persons so receiving the articles certificate of | ||
organization shall cause the
same to be recorded in the | ||
recorder's office of the county in which the
cemetery is | ||
situated, and when so recorded, the association shall be deemed
| ||
fully organized as a body corporate under the name adopted, and | ||
in its
corporate name may sue and be sued. Whenever two-thirds | ||
of the trustees
shall approve a resolution to change the name | ||
of a cemetery association, a
copy of such resolution and | ||
approval thereof duly certified by the
President and Secretary | ||
of the association shall be filed in the office of
the State | ||
Comptroller, and upon approval thereof shall be filed in the
| ||
office of the Secretary of State. Whenever two-thirds of the | ||
trustees of a
cemetery association approve a resolution to | ||
dissolve such corporation a
copy of such resolution and | ||
approval of the trustees duly certified by the
President and | ||
Secretary shall be submitted to the Comptroller, and if
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approved by him a copy of such resolution and approval of the | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comptroller
shall be duly filed by him in the office of the | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Secretary of State. Where
the association has "care funds" | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
within the meaning of the "Cemetery Care
Act", approved July | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
21, 1947, as amended, the Comptroller shall not approve
the | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
dissolution of any Cemetery Association unless proper | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
disposition has
been made of such care funds, as provided by | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
law, and in accordance with
the Cemetery Care Act. Upon the | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
filing of the resolution of either change
of name or | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
dissolution of such cemetery association in the office of the
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Secretary of State such change of name or dissolution of such | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
cemetery
association shall be complete. The Comptroller shall | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
so notify the trustees
of such cemetery association. Thereupon | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
the trustees shall cause a copy of
such resolution of either | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
change of name or dissolution to be recorded in
the recorder's | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
office of the county where the cemetery is situated.
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(Source: P.A. 78-592.)
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Section 99. Effective date. This Act takes effect January | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1, 2010.
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