(a) Not later than 30 days after the effective date of this Act, there shall be incorporated a nonprofit corporation to be known as the “Clean Energy Jobs and Justice Fund”.
     (b) The Fund shall not be an agency or instrumentality of the State Government.
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Terms Used In Illinois Compiled Statutes 805 ILCS 155/20-15

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • 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.
  • 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

     (c) The full faith and credit of the State of Illinois shall not extend to the Fund.
     (d) The Fund shall:
         (1) Be an organization described in subsection (c) of
    
Section 501 of the Internal Revenue Code of 1986 and exempt from taxation under subsection (a) of Section 501 of that Code;
        (2) Ensure that no part of the income or assets of
    
the Fund shall inure to the benefit of any director, officer, or employee, except as reasonable compensation for services or reimbursement for expenses; and
        (3) Not contribute to or otherwise support any
    
political party or candidate for elective office.
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