Illinois Compiled Statutes 215 ILCS 5/81 – Governmental agencies and corporations may be subscribers
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Terms Used In Illinois Compiled Statutes 215 ILCS 5/81
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Fiduciary: A trustee, executor, or administrator.
- reciprocal: shall mean the organization or group of all the subscribers. See Illinois Compiled Statutes 215 ILCS 5/61
- State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
- subscriber: shall mean the participant or policyholder. See Illinois Compiled Statutes 215 ILCS 5/61
- Trustee: A person or institution holding and administering property in trust.
Any government or governmental agency, state or political subdivision thereof, public or private corporation, board, association, estate, trustee or fiduciary in this State, or elsewhere, may make application, enter into agreements for, and hold policies or contracts in or with, and be a subscriber of any reciprocal subject to the provisions of this Article. Any officer, representative, trustee, receiver, or legal representative of any such subscriber shall be recognized as acting for or on its behalf for the purpose of such contract but shall not be personally liable upon such contract by reason of acting in such representative capacity.