§ 102.10 — Articles of Incorporation

Illinois § 102.10

• Jurisdiction: Illinois
• Topic: BUSINESS AND EMPLOYMENT
• Ch. 805: BUSINESS ORGANIZATIONS
• Act 805 ILCS 105/: General Not For Profit Corporation Act of 1986.
• Art.: Article 2 - Formation Of Corporations

Text

The articles of incorporation shall be executed and filed in duplicate in accordance with Section 101.10 of this Act. (a) The articles of incorporation must set forth: (1) A corporate name for the corporation that satisfies the requirements of this Act; (2) The specific purpose or purposes for which the corporation is organized, from among the purposes authorized in Section 103.05 of this Act; (3) The address of the corporation's initial registered office and the name of its initial registered agent at that office; (4) The name and address of each incorporator; (5) The number of directors constituting the first board of directors and the names and addresses of each such director; (6) With respect to any organization a purpose of which is to function as a club, as defined in Section 1-3.24 of "The Liquor Control Act of 1934", as now or hereafter amended, a statement that it will comply with the State and local laws and ordinances relating to alcoholic liquors; (7) Whether the corporation is a condominium association as established under the Condominium Property Act, a cooperative housing corporation defined in Section 216 of the Internal Revenue Code of 1954 or a homeowner association which administers a common-interest community as defined in subsection (c) of Section 9-102 of the Code of Civil Procedure. (b) The articles of incorporation may set forth: (1) Provisions not inconsistent with law with respect to: (i) Managing and regulating the affairs of the corporation, including any provision for distribution of assets on final dissolution; (ii) Providing that the corporation shall have no members, or shall have one or more classes of members; (iii) Limiting, enlarging or denying the right of the members of any class or classes of members, to vote; (iv) Defining, limiting, and regulating the rights, powers and duties of the corporation, its officers, directors and members; or (v) Superseding any provision of this Act that requires for approval of corporation action a two-thirds vote of members or class of members entitled to vote by specifying any smaller or larger vote requirement not less than a majority of the votes which members entitled to vote on a matter shall vote, either in person or by proxy, at a meeting at which there is a quorum. (2) Any provision that under this Act is required or permitted to be set forth in the articles of incorporation or bylaws. (c) The articles of incorporation need not set forth any of the corporate powers enumerated in this Act. (d) The duration of a corporation is perpetual unless otherwise specified in the articles of incorporation. (e) When the provisions of this Section have been complied with, the Secretary of State shall file the articles of incorporation.

Legislative History

(Source: P.A. 92-33, eff. 7-1-01; 93-59, eff. 7-1-03.)