110 ILCS 30/ Educational Corporations Act.

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110 ILCS 30/0.01

(110 ILCS 30/0.01) (from Ch. 144, par. 12.9)

Sec. 0.01.

Short title.

This Act may be cited as the

Educational Corporations Act.

(Source: P.A. 86-1324.)

110 ILCS 30/1

(110 ILCS 30/1) (from Ch. 144, par. 13)

Sec. 1.

Whenever property, real or personal, heretofore has been or
hereafter shall be bequeathed by will or
granted, conveyed or donated by deed or other instrument, to trustees with
direction that the property shall be applied by
them to the foundation and establishment
of an educational institution in this State, it shall be lawful for the
trustees in such case, in order to promote
better establishment,
maintenance and management of such institution, to cause a
corporation not for pecuniary profit under the provisions of this Act to
be formed, with
the rights, powers and privileges hereinafter provided for.

(Source: P.A. 84-549; 84-551.)

110 ILCS 30/2

(110 ILCS 30/2) (from Ch. 144, par. 14)

Sec. 2.

Such acting trustees may make, sign and acknowledge and file in the
office of the Secretary of State articles of incorporation of such
corporation. The requisites of such articles of incorporation, the issuance
of the certificate of incorporation by the Secretary of State and the
recording of such articles and certificate, and the effect thereof, shall
be in accordance with and be governed by the provisions of sections 29, 30
and 31 of "An Act to revise the law relating to corporations not for
pecuniary profit", approved July 17, 1943, excepting only that said
articles of incorporation shall additionally set forth (a) the name and
location of the institution proposed to be operated by such corporation,
(b) a verified copy of said will, deed or other instrument referred to in
Section 1 hereof and (c) who shall compose the members of the
corporation; and excepting also that the provisions of said articles of
incorporation shall not be violative of or inconsistent with the law or any
provision of such will, deed or other instrument so referred to. If said
articles of incorporation make no provision as to the membership of such
corporation, the persons acting as directors from time to time shall
compose the members of such corporation.

(Source: Laws 1949, p. 1613.)

110 ILCS 30/3

(110 ILCS 30/3) (from Ch. 144, par. 15)

Sec. 3.

Upon the issuance of a certificate of incorporation and the
recording of the same and the articles of incorporation as herein required,
said corporation shall be deemed fully organized, and may proceed to carry
out its corporate purposes, and to receive by conveyance or transfer from
the trustees under such will, deed or other instrument the property thereby
provided as aforesaid for the endowment of such educational institution and
may hold the same in whatever form it may have been conveyed by or received
from said trustees until such form shall be changed by the legal act of said
corporation.

(Source: Laws 1949, p. 1613.)

110 ILCS 30/5

(110 ILCS 30/5) (from Ch. 144, par. 16a)

Sec. 5.

The affairs of such corporation shall be managed by a board of
directors, who may be designated either as directors, managers or trustees.
The directors may reside either within or without this state and be either
members or non-members of the corporation, and shall have such other
qualifications and be elected or appointed in manner and for terms not
exceeding three (3) years, and their elections or appointments shall be
subject to nominations, approvals, or confirmations, all as the articles of
incorporation may prescribe. In any case where the directors shall compose
the members of such corporation and the articles of incorporation so
provide, the said board of directors by the vote of two-thirds of the
members thereof may by resolution create and provide for the election or
appointment, either from its own membership or otherwise, of a committee or
local board of managers for such educational institution having not less
than three (3) members and to be known and designated as may be provided in
such resolution, which said committee or board, to the extent and under the
limitations and subject to the conditions prescribed in such resolution,
shall thereupon become vested with and have and exercise the authority of
such board in the management of such institution, its property and affairs
including, without limiting the foregoing, power, in the name of the
corporation through proper officers of such committee or board of managers,
to sell, convey, transfer, assign, mortgage, pledge or otherwise deal in or
dispose of any real or personal property given or donated, or in accordance
with or pursuant to the resolution of said board of directors set apart or
acquired or held, for the use or benefit of such institution or its
education activities, and all acts of such committee or local board of
managers done under and within the scope of the authority so in it vested
shall be binding upon said corporation. Except as in this Act elsewhere or
otherwise provided, or as may be inconsistent with the provisions hereof,
all provisions and requirements of "An Act to revise the law relating to
corporations not for pecuniary profit", approved July 17, 1943, exclusive
of Sections 3 and 4 and Sections 67 and 85 inclusive thereof, shall
apply to and govern corporations organized under the authority of this Act.

(Source: Laws 1949, p. 1613.)

110 ILCS 30/6

(110 ILCS 30/6) (from Ch. 144, par. 16b)

Sec. 6.

The amendments effected by this Act shall not affect any right
accrued or established, or any liability or penalty incurred, prior to the
passage of this Act.

(Source: Laws 1949, p. 1613.)