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Illinois Statutes Chapter 215. Insurance § 5/441. General Corporate Powers

Current as of January 01, 2025 | Updated by Findlaw Staff

§ 441. General Corporate Powers. (1) In order to carry out the purpose for which it is organized, each company under the laws of the State and subject to the provisions of this Code shall have

(a) perpetual succession by its corporate name unless a limited period of duration is stated in its articles of incorporation;

(b) power in its corporate name to sue and be sued, to contract and be contracted with, to own, hold, sell, convey, mortgage, pledge, lease and otherwise dispose of real and personal property;

(c) power to adopt by-laws not in conflict with the provisions of this Code, and to adopt and use a seal and to alter the same at pleasure;

(d) power to make donations in reasonable amounts for the public welfare or for charitable, scientific, religious or educational purposes;

(e) such other powers as shall be needful to accomplish the purposes of its organization.

(2) Such power shall be exercised subject to the provisions and restrictions of this Code and other laws of this State.

(3) No conveyance or transfer by or to any company of property, real or personal, of any kind or description, shall be invalid or fail because in making such conveyance or transfer or in acquiring such property, real or personal, the company, its board of directors, trustees or other governing body, or any of its officers, acting within the scope of the actual or apparent authority given to them by its board of directors, trustees or other governing body, have in so doing exceeded any of the purposes or powers of the company.

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Cite this article: FindLaw.com - Illinois Statutes Chapter 215. Insurance § 5/441. General Corporate Powers - last updated January 01, 2025 | https://codes.findlaw.com/il/chapter-215-insurance/il-st-sect-215-5-441/

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