Illinois Compiled Statutes 745 ILCS 50/2.07 – “Not for profit corporation” is defined as set forth in the “General …
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Terms Used In Illinois Compiled Statutes 745 ILCS 50/2.07
- 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.
“Not for profit corporation” is defined as set forth in the “General Not for Profit Corporation Act”, except that the term does not include organizations which sell or offer to sell such donated items of food.