805 ILCS 145/ Fraternal Corporation Property and Borrowing Powers Act.

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805 ILCS 145/0.01

(805 ILCS 145/0.01) (from Ch. 32, par. 388.9)

Sec. 0.01.

Short title.

This Act may be cited as the

Fraternal Corporation Property and Borrowing Powers Act.

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

805 ILCS 145/1

(805 ILCS 145/1) (from Ch. 32, par. 389)

Sec. 1.

In any case where any
fraternal or benevolent society or association has been incorporated by
any special act of the General Assembly of Illinois, and where in the
special act under which the same is incorporated or in any amendment
thereto there is any limitation as to the amount or value of real estate
or personal property which such incorporated body or any of its
constituent or subordinate bodies may hold, or any limitation as to the
amount of money which such fraternal or benevolent society or
association may borrow, that notwithstanding any such limitation, such
incorporated body or any of its constituent or subordinate bodies may
hold real or personal property and may borrow money of whatever amount
or value may be needful, suitable and proper to serve and accomplish the
purpose of its organization, and to provide for them respectively
suitable places of meeting and entertainment and accommodations for
their officers and members to the same extent that societies for similar
purposes and organized not for pecuniary profit under the general
incorporation laws of the state may own and hold property, both real and
personal.

(Source: P.A. 84-1308.)