Illinois Compiled Statutes 805 ILCS 105/112.10 – Voluntary dissolution by written consent of members entitled to vote
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Terms Used In Illinois Compiled Statutes 805 ILCS 105/112.10
- 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.
Except for the dissolution of a not-for-profit corporation organized for the purpose of ownership or administration of residential property on a cooperative basis, when a corporation has members entitled to vote on dissolution, the dissolution of a corporation may be authorized pursuant to Section 107.10 of this Act. Dissolution pursuant to this Section does not require any vote of the directors of the corporation.