Sec. 6. Every corporation organized under this Act shall, subject to the conditions and limitations prescribed by this Act, have the following rights, powers and privil.
349 words·~2 min read·
/il/chapter-310/act-5/6A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 6. Every corporation organized under this Act shall, subject to the conditions and limitations prescribed by this Act, have the following rights, powers and privileges:
(1)To have succession by its corporate name for the period limited in its articles of
incorporation or any amendment thereof.
(2)To sue and be sued in its corporate name.
(3)To have and use a common seal and alter the same at pleasure.
(4)In the case of corporations formed on a limited-dividend basis, to have a capital
stock of such an amount and divided into shares as may be provided in the articles of incorporation or any amendment thereof, subject to the conditions prescribed by section 4 of this Act.
(5)To acquire, own, use, convey and otherwise dispose of and deal in real property,
subject only to the conditions and restrictions of this Act.
(6)To own, purchase or otherwise acquire, whether in exchange for the issuance of its
own stock, bonds or other obligations or otherwise, and to hold, vote, pledge, or dispose of the stocks, bonds or other evidences of indebtedness of any corporation, domestic or foreign.
(7)To borrow money at such rate of interest, as the corporation may determine, subject
to the approval of the Illinois Housing Development Authority, and to mortgage or pledge its property, both real and personal, to secure the payment thereof.
(8)To elect officers, appoint agents, define their duties and fix their compensation.
(9)Subject to the provisions of this Act, to acquire real estate or any interest
therein by exercise of the power of eminent domain in the manner provided by the general laws of the State relating thereto.
(10)To make by-laws not inconsistent with the laws of this State for the administration
of the business and interest of such corporation.
(11)To conduct business in this State, subject to the provisions of this Act.
(12)To cease doing business and to surrender its charter.
(13)To have and exercise all the powers necessary and convenient to carry into effect
the purpose for which the corporation is formed.