Illinois Compiled Statutes 65 ILCS 5/8-1-2 – The corporate authorities may appropriate money for corporate …
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Terms Used In Illinois Compiled Statutes 65 ILCS 5/8-1-2
- 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.
The corporate authorities may appropriate money for corporate purposes only and provide for payment of debts and expenses of the corporation.