Fraternal Corporation Property and Borrowing Powers Act (805 ILCS 145/)

Chapter 805 — Business Organizations

Nonprofit Corporations

This text is maintained by the Legislative Reference Bureau for legislative drafting purposes and is NOT the official text of the Illinois Compiled Statutes; the only official copy is the printed copy maintained by the Secretary of State.

Sec. 0.01. Short title

This Act may be cited as the Fraternal Corporation Property and Borrowing Powers Act.

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

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.)