Illinois Statutes
§ 111.55
Illinois § 111.55
JurisdictionIllinois
TopicBUSINESS AND EMPLOYMENT
Ch. 805BUSINESS ORGANIZATIONS
Act 805 ILCS 105/General Not For Profit Corporation Act of 1986.
Art.Article 11 - Merger And Consolidation
This text of Illinois § 111.55 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
805 Ill. Comp. Stat. 111.55 (2026).
Text
Sale, lease or exchange of assets in usual and regular conduct of its affairs; mortgage or pledge of assets. The sale, lease, exchange or other disposition of all, or substantially all, the property and assets of a corporation, when made in the usual and regular course of the conduct of the affairs of the corporation, and a pledge or mortgage of the property and assets of a corporation, may be made upon such terms and conditions and for such considerations, which may consist, in whole or in part, of money or property, real or personal, including shares of any other corporation for profit, domestic or foreign, as shall be authorized by its board of directors; and in such case no authorization or consent of the members entitled to vote shall be required.
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Legislative History
(Source: P.A. 84-1423.)
Nearby Sections
15
§ 111
Required information§ 111.05
Right to merge or consolidate§ 111.10
§ 111.10§ 111.37
§ 111.37§ 111.45
(Repealed)§ 111.55
§ 111.55§ 111.60
§ 111.60§ 1110
§ 1110Cite This Page — Counsel Stack
Bluebook (online)
Illinois § 111.55, Counsel Stack Legal Research, https://law.counselstack.com/statute/il/805/111.55.