Illinois § 5-40 Transfer and sharing of assets

Illinois Statutes

§ 5-40 — Transfer and sharing of assets

Illinois § 5-40

JurisdictionIllinois

TopicGOVERNMENT

Ch. 75LIBRARIES

Act 75 ILCS 16/Public Library District Act of 1991.

Art.Article 5 - Creation Of District By Petition

This text of Illinois § 5-40 (Transfer and sharing of assets) is published on Counsel Stack Legal Research, covering Illinois primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

75 Ill. Comp. Stat. 5-40 (2026).

Text

(a)Any assets, including real and personal property and tax and other monies, received or due for the purposes of the library and held by the corporate authority of a municipal, township, or county library included in the library district, shall be transferred to the library district. "Property" includes any building or buildings permanently occupied by and publicly designated as the library building or buildings and used solely for library purposes.

(b)Nothing in Section 5-35 or 5-45 or this Section shall preclude a municipality, township, or county, by written agreement, from sharing a library building or buildings with a district library when the establishment of a library district has been approved and the district includes wholly within its territory a municipal, township, or county

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(a) Any assets, including real and personal property and tax and other monies, received or due for the purposes of the library and held by the corporate authority of a municipal, township, or county library included in the library district, shall be transferred to the library district. "Property" includes any building or buildings permanently occupied by and publicly designated as the library building or buildings and used solely for library purposes. (b) Nothing in Section 5-35 or 5-45 or this Section shall preclude a municipality, township, or county, by written agreement, from sharing a library building or buildings with a district library when the establishment of a library district has been approved and the district includes wholly within its territory a municipal, township, or county library.